Shared Flashcard Set

Details

SS - Core Concepts Part 5: Economics and Geography
SS - Core Concepts Part 5: Economics and Geography
26
Social Studies
5th Grade
11/05/2015

Additional Social Studies Flashcards

 


 

Cards

Term
Consumer
Definition
a person who purchases goods and services for personal use
Term
Competition
Definition
rivalry among sellers trying to achieve such goals as increasing profits
Term
Demand
Definition
consumer's desire and willingness to pay a price for a specific good or service
Term
Developed Country
Definition
a country with a highly developed economy and advanced technological infrastructure
Term
Developing Country
Definition
a poor agricultural country that is seeking to become more advanced economically and socially
Term
Economics
Definition
the branch of knowledge concerned with the production, consumption, and transfer of wealth
Term
Export
Definition
send (goods or services) to another country for sale
Term
Import
Definition
bring (goods or services) into a country from abroad for sale
Term
Incentive
Definition
a thing that motivates or encourages one to do something.
Term
Inflation
Definition
a general increase in prices and fall in the purchasing value of money
Term
Market
Definition
a regular gathering of companies for the purchase and sale of products
Term
Producer
Definition
a person, company, or country that makes, grows, or supplies goods or commodities for sale
Term
Productivity
Definition
the state or quality of producing something
Term
Profit
Definition
amount of money made after all expenses are paid
Term
Specialization
Definition
a method of production where a company focuses on producing a limited number of (specialized) products or services
Term
Supply
Definition
the total amount of a specific good or service that is available to consumers
Term
Tariff
Definition
a tax or duty to be paid on imports/exports
Term
Trade Barrier
Definition
measure that governments use to make imported goods less competitive than local goods.
Term
Example of Specialization
Definition
5 Guys: Hamburgers
2K: Video Games
Microsoft: Computer Products
Term
Define Recession
Definition
a period of temporary economic decline during which trade and industrial activity are reduced
Term
Traditional Economy
Definition
an original economic system in which traditions, customs, and beliefs shape the goods and the services the economy produces; often rural and farm based.
Term
Market Economy
Definition
an economy based on supply and demand and prices of goods and services are determined in a free market system
Term
Command Economy
Definition
an economy in which production, investment, prices, and incomes are determined centrally by a government.
Term
Mixed Economy
Definition
an economic system combining private and public companies.
Term
3 Factors Used by Economist to Calculate Economic Development
Definition
1. Gross National Product: measures the economic output of a country.
2. Per Capital Real Income: measurement of income which factors in population
3. Physical Quality of Life Index: measurement of the most basic needs of people.
Term
3 Ways to Increase Economic Development
Definition
1. Invest in education.
2. Increase the labor force.
3. Invest in infrastructure (roads, sewage and plumbing, power lines, etc)
Supporting users have an ad free experience!