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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 | Man-made materials needed to produce goods and 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. |
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