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Econimic/Social Term

TAKS Obj 3

TermDefinition
Level(s) of Development Refers to the amount and quality of economic and inductrial resources, often related to national income
Standard of Living Use indicators such as income, education, birth rate/death rate, money spent on food, population density, and so on to determine quality of life
Distribution Relates to trade and how resources and products are divided and allocated
Free-enterprise economic system/market economy The system in the U.S. that includes economic choice, competition, profit motive, and limited government regulation of the economy
Command economic system Central government owns most of the means of production in a country and controls most economic decisions
Industrialization The process of creating commercial industry including heave industry such as steel
Trade Exchange of goods and services
Technological Innovations The introduction of new technology which often changes lifestyle and production
Tariff Tax on imports and exports
Protective Tariff A high tariff established to protect a particular industry
Export Goods sold to buyers outside the country
Import Goods bought from sellers in other countries
Subsitence Agriculture Growing crops just to supports a family and not have any extra (surplus) for sale
Market-Oriented Agriculture Growing crops for commercial sale and distribution to domestic and international buyers
Cottage Industries Small-scale production requiring little capital
Commerical Industries Large-scale production of goods by large companies or corporations
Created by: NHSSS
Popular U.S. History sets

 

 



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