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Social Studies Unit3

TermDefinition
Traditional Type of economic system decisions are based on customs and beliefs. Many times people may also barter for desired goods.
Command Type of economic system of the government that contrals all economic decisions. Communist nations tend to have these.
Market In this type of economic system private business and consumers make all the economic decisions. Supply and demand also determins what good will be produced.
Mixed This type of economic system government and private businesses control the economic decisions. Democratic nations have this system.
Producers People who make the goods.
Consumer People who buy the goods.
Goods and Services The type of goods people buy. They may be tangible or intangible.
Physical A natural trade barrier
Economical A political trade barrier placed on a country or good by another country.
Embargo When one country refuses to trade with another country.
Blockade When one country completely surrounds another country city, country, or port, and they not allow good to enter or leave that country.
Quota A limit placed on the amount of goods that may be brought to import a country to encourage production within that country.
Tariff A tax placed on an imported good.
Import Goods coming into a country.
Export Goods going out of a country.
Specialization When a country produces one main export or crop.
Diversify To add variety
Literacy Rate The percentage of people that can read and write
Standard of Living The overall well being of a nation (how wealthy and healthy it is)
GCP The total amount of goods and services produced in a country per year.
Human capital The people and the skills they use to make a product.
Capital goods The items used to make a product. These include factories, buildings, machinery, and technologies.
Entreprenur A person who takes a risk by investing in a business.
Debt Borrowing money you don't have.
Invest Using money to support money-making projects.
Opportunity Costs The things one must give up in order to achieve a larger goal.
Created by: AriadnaBolano33
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