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Social Studies Osceo

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QuestionAnswer
Tariff tax on foreign goods brought into a country.
Taxes required payments of money made to governments by households and business firms.
Theory a set of principle that can be used to make inferences about the world.
Three Basic Economic Questions 1.) What goods and services will be produced and in what quantities? 2.) How will they be produced? 3.) For whom will they be produced?
Totalitarian country where a single party controls the government and every aspect of the lives of the people
Trade/Exchange trading goods and services with people for other goods and services or for money. When people exchange voluntarily, they expect to be better off as a result.
Trade offs–giving up one thing to get something else.
Traditional Economy an economy in which the three basic questions are answered by custom, or how things have been done in the past. Roles in traditional economies are gender based and often inherited. Barter holds an important position.
Truth the government and citizens should not lie.
Unalienablebe transferred to another (also inalienable) rights that cannot be given or taken away; that cannot
Unemployment the situation in which people are willing and able to work at current wages but do not have jobs.
Unicameral a state government with a single legislative chamber
Values Beliefs of a person or social group in which they have an emotional investment (either for or against something); those things that are considered to be most important by a person or group
Voluntarism people who work without monetary compensation to help others in their family, schools, communities, state, nation, and the world.
Voluntary Exchanges choosing to give one thing in exchange for another without force.
Wants things that people desire.
World Processes population growth, economic development, urbanization, resource use, international trade, global communication, and environmental impact.
Created by: vazqueza
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