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SHMS 6th SS Vocab 2
SHMS 6th Grade Social Studies Vocab 2
Term | Definition |
---|---|
Traditional Economy | people produce what they need to survive by farming or hunting and gathering |
Market Economy | a country's economic decisions are based on what its people want to buy and sell |
Command Economy | the government controls what is produced, how it is produced, and who gets the products |
Mixed Economy | a country's economy is a combination of market and command; the government controls some parts of the economy |
Specialization | when a country makes one or just a few goods or services, the cost of the items produced is lower |
Tariffs | a tax on imported goods |
Quotas | restrictions on the amount of a good that can be imported into a country |
Embargoes | a government order that stops trade with another country |
Currency | a country's system of money |
Exchange Rate | the c hanging of currency from one country's form into another's to pay for goods |
European Union (EU) | an organization of more than 25 European countries originally founded to encourage trade within Europe |
Literacy Rate | the percentage of a country's people who can read and write |
Standard of Living | the measure of a nation's quality of life based on income, education, life expectancy, and other factors |
Human Capital | workers of a business or country including their education, training, skills, and health |
Capital | factories, machines, technologies, buildings and property needed for a business to operate |
Gross Domestic Product (GDP) | the total value of all the good and services produced in a country in one year |
Per Capita | for each person |
Entrepreneur | a person who risks money, time, ideas, and energy to start and run a business |