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S.S. - Economics
| Question | Answer |
|---|---|
| Industry | The ways in which people earn a living and the many jobs people have. |
| Primary Industry | refers to industry involved in obtaining raw materials (resources) from the natural environment. Ex: farming, fishing, mining, and forestry |
| Secondary Industry | refers to industry involved in the processing (manufacturing) raw materials into finished products. Examples: cars we drive, homes we live in, power we use to heat the homes) |
| Tertiary Industry | refers to industry that provides services rather than products (Ex: pizza palor, hospital, city government) |
| Socialism | You have 2 cows. The government takes one and gives it to your neighbor. |
| Communism | You have 2 cows. You give them to the government, and the government then gives you some milk. |
| Capitalism | You have 2 cows. You sell one and buy a bull. |
| Nazism | You have 2 cows. The government takes both cows and does away with you. |
| 4 Factors of Production | 1. Natural Resources 2. Capital Resources 3. Labor and 4. Entrepreneurship |
| Natural Resources | trees, water, wind, solar |
| Capital Resources | MONEY (land, tools, building, technology) |
| Tools as Capital | large equipment (ex. bulldozer, crane, tractor, clippers for a hairstylist, cell phone for real estate agent, etc.) Things used to help one make money or capital. |
| Labor (Human Capital) | workers (companies invest in human capital by training their employees - education) A mechanic sends his employees to be trained to work on the newest computers in cars - more business will come to that shop than one doesn't train its employees. |
| Entrepreneurship | people who take risks to open a business and hire employees to work for their business. Ex: Wildcat Alley, Don Taco, Booger Reds, etc. |
| 4 Types of Trade Barriers | physical, war, political, linquistic |
| export | goods and/or services shipped or sold to another country |
| import | items or services brought into ones country from another country. (ex. the U.S. imports large amounts of goods from China) |
| tariff | tax or fees placed on the imports from another country. (ex. a car from the U.S. is exported to Japan, the Japanese might charge $400 for each car imported into the country) |
| quota | set number of an item that can be imported or exported into a country. (ex: Romania many only let 200 bottles of Hungarian sunflower oil be imported to protect the sale of Romanian sunflower oil) |
| embargo | an official ban on trade with another country. (Ex. the U.S. has an embargo on trade with Cuba) |
| supply | good or services |
| demand | the amount of people that want or need a good or service |
| Law of Supply and Demand | If demand is low price will need to be low to sell. If demand is high price can be high, but can be abused. (ex: A business has water during a drought and raises the price because they know everyone needs water) |
| Examples of Physical Trade Barriers | oceans, mountains, rivers, desert |
| Linquistic Trade Barrier | It is difficult to get orders for goods or services correct if you do not understand the want/needs of your customers because you do not understand each other's language. (Ex. They want blue hats you make green hats.) |
Created by:
jschroeder4