6th Grade Economic Terms

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Economic terms in the 6th grade Georgia Standards

Specialization

The production of just one or very few products

Trade

The exchange of goods and services

Trade Barriers

When countries limit trade to protect businesses from competition

Tariffs

Taxes on goods brought into a country

Quotas

A limit on the number of goods from one country to another country

Embargos

A law that cuts off trade with another country

Currency

The type of money a country uses

Human Capital

Workers of a business or country including their education, training, skills and health

Gross Domestic Product (GDP)

The total value of all the goods and services produced in a country in one year

Capital Goods

Goods used to make other goods such as machinery

Natural Resources

Resources that come from nature

Entrepreneur

One who risks his or her own money time, ideas and energy to start and run a business

Income

Money coming in for a person or into a business

Spending

The ability to buy what you need or want

Credit

The ability to borrow money

Savings

Income not spent

Invest

Putting money into a bank account, stock, bond or mutual fund that pays interest

Interest

A fee for using money

Standard of Living

The number of goods and services available to each person

Traditional Economy

An economy in which customs and habits of the past decide what and how goods are produced

Command Economy

An economy where centralized groups decide what and how goods will be produced, distributed and consumed

Market Economy

An economy in which changes in price guide what and how goods will be produced, distributed and consumed

Mixed Economy

An economy that blends characteristics of both command and market economies

Scarcity

Limited supply of something

Want

Something we would like to have

Need

Something you can't live without

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