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Economics
Definetions and facts about the economy for 6th grade S.S. class
| Term | Definition |
|---|---|
| definition of economics | is the production [making],distribution [selling] and consumption [using] of goods and services |
| capitalism | is the economic system in which private owners control the production of goods and prophet [free enterprise , market economy] |
| bartering | is the exchange of 1 good or service for another |
| supply | is how much people have [the quantity] |
| demand | is what or how much people [consumers] want |
| Gross Domestic Product [GDP] | is the value of all the goods and services produced in a country per year |
| standard of living | represents the degree of wealth and material comfort available to a person or community |
| literacy rate | It represents the percentage of people in a country who can read and write |
| specialization | is making a living by doing what a person does best |
| currency | is the money of a country |
| currency exchange | is trading a type of currency for another |
| voluntary trade | is a market where buyers and sellers have the right to sell and buy their own preference or refuse to it they so choose |
| traditional economic system | is a economic system based on culture and rituals |
| command economy | relies on the government to make all economic decisions |
| market economy | is when consumer choices determines how industry and financial markets operate |
| mixed economy | is when the economy has limited government involvement while applying free market concepts |
| 3 basic economic questions they must answer | they must answer are what to produce, how to produce it , and to whom to produce |
| tariff | is taxes placed on imported goods |
| quotas | are restrictions on the amount of a good that can be imported into a country |
| embargo | forbidden trade with another country |
| EU promotes | free trade and democracy |
| euro | European Union common currency |
| natural resources | a naturally occurring source of wealth, as land or goods |
| capital goods | machines and tools used in the production of other goods |
| human resources [human capital] | people in the workforce [employees] |
| entrepreneur | person who takes a risk to start a new business |
| 2 examples of capital goods | tools and machines |
| 3 ways to invest in human resources | 1.]training 2.]education 3.]healthcare |
Created by:
Euniselois
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