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GSE Unit 9 Vocabular

GSE Unit 9 Vocabulary Review #1

TermDefinition
Oceania the lands of the central and South Pacific Ocean, including Australia and New Zealand
arid dry or desert-like
climate the average annual weather conditions in a given location
Outback term for the sparsely populated interior of the Australian continent
temperate climate characterized by mild temperatures
urban an industrialized area of a city or town
bartering a system of exchange whereby one good/service is given in return for another; bartering does not require monetary exchange
command economy an economic model wherein government planners make all business and financial decisions
economic system an economic model used by governments to determine what should be produced/provided in terms of goods and services, how, and for whom
entrepreneurship the capacity of private citizens to create new businesses independent of government direction or intervention
free enterprise the creation, maintenance, and expansion of businesses outside the control or influence of the government.
market (or capitalist) economy an economic model which the laws of supply and demand (not government oversight) determine what is produced/consumed and at what cost
production quota the required amount of a specific good that must be produced in a given time-frame
subsistence producing only what is necessary for personal use/survival
traditional economy an economic model governed by custom, habit, and history
wage term for one’s financial earnings
Created by: kiragodwin
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