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26 terms

6th Grade Economic Terms

Economic terms in the 6th grade Georgia Standards
STUDY
PLAY
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