Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
SS6E8
Vocabulary for Georgia Learning Standard SS6E8
| Term | Definition |
|---|---|
| Trade | Buying or selling goods and services |
| Specialization | Focusing on producing (or making) a certain type of goods or services |
| Country | An area of land with its own government |
| Trade Barrier | A rule created to limit or stop trade |
| Tariff | A tax on imports |
| Quota | A limit on the amount of goods that can come into a country |
| Embargo | A ban on trade with another country |
| International trade | Trade between countries |
| Exchange | Trading one thing for another |
| Currency | The type of money in a country. For example: the United States's currency is dollars. |
| European Union | A group of 27 countries in Europe that work together to promote peace and encourage trade |
| Nation | Country |
| Imports | Goods and services that come into a country |
| Exports | Goods and services that leave a country |
| Exchange rate | How much one currency is worth compared to another |
| Traditional Economy | An economy where economic decisions are made by cultural traditions and communities with a focus on basic needs. |
| Command Economy | An economy where the three economic questions are answered by the government. Communism under the Soviet Union is an example of a command economy. |
| Market Economy | An economy where the three economic questions are answered by producers and consumers. |
| Mixed Economy | An economy that is a mix between a traditional and command economy. Most countries, including present-day United Kingdom, Russia, and Germany have a mixed economic system. |
| GDP | Gross domestic product. A way to measure the health of a country’s economy. The total value of all goods and services produced by a country in a single year. |
| GDP per capita | A country’s GDP divided by the country’s total population |
| Natural Resources | The materials or substances that come from nature. |
| Capital Goods | the factories, machines, technology, tools, equipment, and any other man-made goods used to make other goods or services |
| Human capital | The talent and skill of people |
| Entrepreneurship | People with new ideas for products and services that organize natural resources, human capital, and capital goods to bring their ideas to market. |
| Standard of Living | Level of wealth and material comfort available in a country. Countries with a high literacy rate and high GDP per capita tend to have a higher standard of living. |
| Service | an action that can meet our needs and wants |
| Supply | how much of a good or service is produced or is available at a certain price |
| Good | an object that can meet our needs and wants |
| Demand | how much of a good or service consumers want and are able to buy at a certain price |
| Scarcity | the lack of resources to produce all the goods and services that are needed or wanted |
| Economic System | the way in which a country produces and distributes goods, services, and resources |
| Barter | exchanging goods or services without using money |
| Interdependent | people, societies, or other groups who rely on each other for survival or success |
| Productive Resource | a resource used to produce a good or service |
| Literacy Rate | the percentage of adults who can read and write |
| Global Trade | the exchange of goods and services between many countries of the world |
| Trading Partners | regions or countries that trade with each other |
| Confederation | a group of separate states or countries that have entered an alliance |
Created by:
user-1622793
Popular Social Studies sets