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S.S. Econonomy 6
Social Studies Economy Vocab for 6th grade
Term | Definition |
---|---|
Economy | the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services. |
traditional economy | system based on customs and beliefs where people tend to do the same works as their parents ,exchange done through bartering |
Command economy | system where the government determines goods produced and sets prices |
Market Economy | system where individual buyers and sellers make all decisions regarding the buying and selling of goods |
Mixed Economy | combination of market and command ,private business and government make decisions |
Bartering | Trading without using money$$$$$ |
Supply and demand | relationship between the quantity of a good that producers wish to sell at various prices and the quantity that consumers wishh to buy |
Scarcity | shortage of supply,unlimited human wants in a world of limited resources |
Natural Resources | things from nature that people can use such as trees land water animals minerals etc |
Human resources | the people who make and sell your products |
Capital Resorces | tangible goods that are used to create additional goods rather than be purchased by consumers |
Silk Road | ancient trade route used for trade and commerce to various empires and kingdoms |
trade | action of buying and selling goods and services |
caravan | group of people especially traders travelling together to provide protection and assistance |
bandits | criminals who attack and steal from travelers and who are often members of a gang |
consumer | person who purchases goods and/or services |
surplus | Having more of something than you need |
Merchant | person who buys and sells goods |
import | bringing goods or services into a country from another country for sale |
export | sending goods or services to another country for sale |