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GSE Unit 2 Vocabulary Review #3

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Term
Definition
European Union –   economic and political union of 28 European nations  
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Maastricht Treaty –   legal document which created the European Union  
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Treaty of Lisbon –   legal document which amended and consolidated the Maastricht Treaty and the Treaty of Rome, and which forms the basis of the current constitution of the European Union  
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Balkans –   the countries of Europe’s southeastern Balkan peninsula, including Croatia, Bosnia and Herzegovina, Slovenia, Serbia, Montenegro, Kosovo, Macedonia, Romania, Bulgaria, Albania, and Greece  
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literate –   able to read and write in one’s native language  
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literacy rate –   the percent of a nation’s population over the age of 15 who can read and write  
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standard of living –   the level of wealth and material comfort available to a people  
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human capital –   the knowledge, skills, and relative health of a nation’s labor force  
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capital goods –   the factories, machinery, technology, etc. that are necessary to sustain a service or industry  
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natural resource –   – a material on or in the earth that has economic value  
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entrepreneur –   those who risk their own money and resources to create a new business or service  
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private sector –   the part of the economy owned and operated by private citizens  
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profit –   as a verb, to gain financially; as a noun, the economic gains of a business  
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public sector –   – the part of the economy owned and operated by the national government  
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