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GSE Unit 2 Vocab #3

GSE Unit 2 Vocabulary Review #3

TermDefinition
European Union – economic and political union of 28 European nations
Maastricht Treaty – legal document which created the European Union
Treaty of Lisbon – legal document which amended and consolidated the Maastricht Treaty and the Treaty of Rome, and which forms the basis of the current constitution of the European Union
Balkans – the countries of Europe’s southeastern Balkan peninsula, including Croatia, Bosnia and Herzegovina, Slovenia, Serbia, Montenegro, Kosovo, Macedonia, Romania, Bulgaria, Albania, and Greece
literate – able to read and write in one’s native language
literacy rate – the percent of a nation’s population over the age of 15 who can read and write
standard of living – the level of wealth and material comfort available to a people
human capital – the knowledge, skills, and relative health of a nation’s labor force
capital goods – the factories, machinery, technology, etc. that are necessary to sustain a service or industry
natural resource – – a material on or in the earth that has economic value
entrepreneur – those who risk their own money and resources to create a new business or service
private sector – the part of the economy owned and operated by private citizens
profit – as a verb, to gain financially; as a noun, the economic gains of a business
public sector – – the part of the economy owned and operated by the national government
Created by: jpkelley