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Core Concepts 5.4-6

Mrs. P's Social Studies Vocab

TermDefinition
development country's economic growth & quality of life
developed country country with a strong economy and quality of life
developing country country with a less productive economy and lower quality of life
gross domestic product (GDP) total value of all goods and services produced in a country in a year
productivity amount of goods and services produced given the amount of resources used
technology practical application of knowledge to accomplish a task
trade exchange of goods and services in a market
export good or service produced within a country and sold outside the country's borders
import good or service sold within a country that is produced in another country
tariff tax on imports or exports
trade barrier something that keeps goods and services from entering a country
free trade removal of trade boundaries
budget a plan that shows income and expenses over time
saving setting aside money for future use
interest price paid for borrowing money
credit arrangement in which a buyer can purchase something and pay for it over time
investing act of using money in the hopes of making a future profit
stock share of ownership in a country
bond certificate issued by a company or government promising to pay back borrowed money with interest
Created by: jprevost5
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