Social studies SS7E5, SS7E6, SS7E7

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Terms in this set (...)

Quota
a limited or fixed amount of foreign goods that can come into a country
Currency
money; something that is used as a medium for the exchange of goods and services
Tariff
A tax placed on goods when they are brought into one county
Entrepreneur
a person who organizes and manages his or her own business
Exchange Rate
The price of one nations currency
Literacy Rate
The percentage of people who are able to read and write
Entrepreneurship
starting a business; the development of a business from ground up- coming up with an idea and turning it into a profitable business
Technology
practical application of knowledge to accomplish a task
Gross Domestic Product (GDP)
the total value of all goods and services produced in a country in a year
Human Capital
the skills, knowledge, and experience processed by an individual or population
Standard of Living
level of comfort enjoyed by a person or society
Market Economy
economy in which individual consumers and producers make all the economic decisions
Mixed Economy
economy that combines elements of traditional, market, and command economic systems
Traditional Economy
economy in which people make economic decisions based on their customs and habits; they produce goods and services like they did in the past
Command Economy
economy in which the central government makes all the basic economic decisions
Economics
study of how people meet their wants and needs
Economy
wealth and resources of a country or region in terms of producing and using goods and services
Produce
make or manufacture from raw materials
Goods
merchandise or wares that people can use like clothing or food (tangible-CAN touch and pick up)
Services
work that supports a business like banking, accounting, consultant, cleaning (intangible-CANNOT touch or pick up)