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Social Studies
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Question | Answer |
---|---|
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. |