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Economics
Basic Economic Terms for GCPS 7th Grade
| Term | Definition |
|---|---|
| Capital Goods | goods that are used in producing other goods- Examples: computers, tractors, ovens |
| Human Capital | economic value of a person's abilities and the qualities of their labor that influence productivity- Examples: Education, skills |
| Specialization | a particular area which a country concentrates on or is an expert in- Example: Israel focuses on technology. |
| Infastructure | physical structures that support transportation and quality of life- Examples: roads, power lines, schools |
| OPEC (Organization of the Petroleum Exporting Countries) | a group of 13 countries that work together to control oil prices |
| Economic Freedom | the ability of individuals to work, produce, consume, and invest in any way they want |
| Market Economy | economic system where supply and demand control the economy, rather than government intervention |
| Command Economy | economic system in which production, investment, prices, and incomes are determined centrally by a government. |
| Traditional Economy | a system that relies on customs, history, and time-honored beliefs |
| Currency | anything that is generally accepted to have value as a medium of exchange so that it can be traded for goods and services |
| Entrepreneur | a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so |
Created by:
DMSSmith
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