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6th Grade Economics

6th Grade Economics - Tinsley

TermDefinition
Traditional Economy Traditions and customs passed down from one generation to another help make all economic decisions. Bartering plays a role in this economic system.
Command Economy An economic system where all of the economic decisions are made by the government or a central authority
Market Economy An economic system where all of the economic decisions are made by private businesses and consumers. Supply and Demand plays a role in creation of products and the buying of those products.
Mixed Economy An economic system where private business and consumers make the economic decisions but with government playing a role in regulating some of those decisions.
The Three Economic Questions What to produce, How to produce, For whom to produce
The three trade barriers Tariff, Quota, Embargo
Embargo A ban on trade
Tariff A tax on trade
Quota A limit in quantity on trade
Four Factors of Production Capital Goods, Natural Resources, Human Capital, Entrepreneurship
Capital Goods All of the goods that are produced in the country and then used to make other goods & services.
Natural Resources "Gifts of the Earth" These are resources that come from nature.
Human Capital All of the skills, talents, education, and abilities that human workers possess
Entrepreneur A person in a market economy that risk their own resources to start a business.
Created by: user-1721660
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