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GSE Unit 9 Vocabular
GSE Unit 9 Vocabulary Review #1
Term | Definition |
---|---|
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 |