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Social Studies


Economics Production, Distribution, and Consumption of goods.
Capitalism Private owners control products. Free Enterprise
Bartering Exchanging one good for another.
Supply How much people have/ How much is available.
Demand How much people want.
GDP The value of goods a country produces in a year.
Standard of Living The wealth of a person/ community.
Literacy Rate Percentage of people that can read and write.
Specialization Making a living of your talent .
Currency MONEY.
Currency Exchange Trading one currency for another type of currency.
Voluntary Trade You have the right to choose what to buy.
Questions Answered What is it, How will you make it, Who is it for.
Traditional Economic Systems Based on traditions, Usually no money involved.
Command Economic Systems Government has complete control.
Market Economic Systems Citizens have complete control. This has never happened before.
Mixed Economic Systems Government and Citizens both have power over the economy
Tariffs Taxes placed on imported goods.
Quotas Restrictions on the amount of a product imported into a country. (Causes prices to rise)
Embargoes Forbid trading with another country.
Euro European Union common currency.
EU Promotes free trade and democracy.
Natural Resources A naturally occurring source of wealth.
Capital Goods Machines or tools in the production of other goods.
Human Resources People in the work force (Employees).
Entrepreneur A person who takes a risk to start a new business.
What are two examples of capital goods Screws and Hammers.
What are three ways to invest in human resources Hire People,, Encourage them to work, Have a partner or group.
Created by: Cookie_Overlord