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Social Studies economy
Ss economy for 6 th grade and unit 6
33
Social Studies
6th Grade
05/18/2016

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Term
Economic
Definition
The study on how people use resources to produce distribute and consume goods.Ex Trucks ships and railroads are used for distribution
Term
Economic System
Definition
An organized way a society uses to produce distribute and consume goods and services example of an economic system where the interaction of buyers and sellers determine what is produced how its produce and for whom is known as a market economic system
Term
Consumption
Definition
Process of using natural resources or goods and services .ex the snowy winter resulted in an increase in the conception of snow shovels in warm clothing
Term
Production
Definition
The process of making goods and services .example an assembly line is used in the production of automobiles
Term
Distribution
Definition
Moving goods and services directly to or near consumers. example Truck's ships and railroads are used for the distribution of goods across the US
Term
Factors of production
Definition
Resources used to produce goods and services. Exthe factors of production are also called productive resources and include land labor and capital
Term
Natural/land resources
Definition
Physical environmental items that people perceive to be.ex.natural resources include water soil trees and minerals
Term
Human/labor resources
Definition
Workers in their abilities talents training skills and knowledge used to produce goods or services.exp.human resources may referred to physical or mental effortss
Term
Capital resources
Definition
Equipment or goods/machinery tools factories sores vehicles etc./that are used to produce other goods and services.Ex.tractors used to harvest crops are capital resources
Term
Economic globalization
Definition
The development of increased interconnections in interdependence of many different economic systems marked by free-trade and free flow of capital labor and resources.EXEconomic globalization has made countries more connected and interdependent the never before
Term
Command economy
Definition
And economic system in which the three main economic questions are answered by the government.EX.in a command economy prices are set by the government
Term
Market economy
Definition
Economic system in which the three main economic questions are answered by the interaction of buyers and sellers.EX.in a market economy prices are set when sellers agree on the price for a good or service
Term
Monopoly
Definition
A situation in which one company controls and industry or is the only provider of a product or service.example.the company had a monopoly on tires so we could set the price is high and didn't have to worry about competition
Term
Regulation
Definition
A government rule with the force of law that states what may not be done or has something must be done.example.many government regulations are aimed at protecting the health and safety of consumers
Term
Circular Flow
Definition
The pattern in which goods and services and resources phone the marketplace.ex.in a circular flow model you can see how money travels from people to businesses and back to people again
Term
Mixed economy
Definition
A combination of command and market economies.EX.most countries in the world today had mixed economies
Term
Gross domestic product/GDP
Definition
The total value of all goods and services produced in a country.EX GDP is often used as a measurement of economic development
Term
Development
Definition
Improved quality-of-life.EX.development leads to increase literacy rates and decreased poverty
Term
Quality of life
Definition
The well-being of a person or group.ex.education and health care can all improve quality-of-life
Term
Development indicators
Definition
Factors used to compare the development of one country against another.eX.GDP and life expectancy our development indicators
Term
Infrastructure
Definition
The basic equipment structures insistent needed for a society or community to run.EX.growth and development countries is often difficult due to the lack of adequate infrastructure such as transportation communication sewage water and electrical systems
Term
Imperialism
Definition
A policy or practice by which a country increases its power by gaining control over other areas of the world.EX.imperialism lead to the colonization of most of Africa and 1800s
Term
Colonization
Definition
The process by which a country takes control of another area and order to get raw materials and other benefits. Ex countries in Europe colonized most of Africa in the late 1800
Term
Balance of trade
Definition
The difference between the amount of goods exported and the amount of goods imported.ex.if the value of a countries exports is less than what it pays for it imports the country will have an unfavorable balance of trade
Term
Export
Definition
Sending a product to another country for sale.EX.the United States exports fruits vegetables to other countries
Term
Global trade
Definition
The exchange of goods or services between individuals organizations or government of different nations.ex.many nations of the world participate in global or international trade
Term
Currency
Definition
Money; a medium of exchange.EX.each country has its own type of currency
Term
Exchange rate
Definition
And amount of domestic currency compared to an equivalent amount of foreign currency.EX.exchange rate today was one US dollar to about 6 Chinese yuan
Term
Free trade
Definition
Unrestricted trade between nations.E ask.free trade occurs in countries trade without taxes limits or punishments
Term
Tariff
Definition
A tax on imported goods.EX.A tariff pf means someone importing a $100 item must pay in additional $10 to the government
Term
Sanction
Definition
A penalty levied on another country.EX.economics sanction was placed on Iran because of its development of a nuclear industry
Term
Embargo
Definition
A trade restrictions that prevent a country from trading with another.EXT.the US has had a trade embargo against Cuba for many years
Term
North American free trade agreement (NAFTA)
Definition
In agreement between Canada Mexico and the US to remote unrestricted trade among these countries.EX.NAFTA has resulted in free trade among Canada US and Mexico
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