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Definetions and facts about the economy for 6th grade S.S. class

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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