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Core Concepts 5.4-6
Mrs. P's Social Studies Vocab
| Term | Definition |
|---|---|
| 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 |
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jprevost5
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