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Economic Vocabulary

Economic Vocabulary. important concepts for Social Studies. economics : the study of how people or countries manage (choose to use) their limited resources by producing, exchanging, and using goods and services. Sources: Microsoft Clip Art(left) Wikimedia (right).

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Economic Vocabulary

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  1. Economic Vocabulary important concepts for Social Studies

  2. economics: the study of how people or countries manage (choose to use) their limited resources by producing, exchanging, and using goods and services. Sources: Microsoft Clip Art(left) Wikimedia (right) easy definition: how people use and manage their resources

  3. Traditional Economy:economic system in which social roles and culture decide what will be produced, how it will be produced and how it will be distributed easy definition: your social roles and culture decide every thing about your product Image created by Erwin Pedia

  4. Command economy:A system in which the government decides what will be produced, how it will be produced, and how it will be distributed. Image created by Max Easy definition: An economic system where the government decides the answer to the three economic questions.

  5. market economy:economic system in which the people decides what will be produced, how it will be produced, and how it will be distributed  easy definition: An economic system where the people decide the 3 economic questions. Image created by

  6. mixed economy: economic system in which the government and people share the role in deciding what will be produced, how it will be produced, and how it will be distributed. Image created by Max & Logan easy definition:Is when the people and the government are in charge of products

  7. specialization: when a country focuses resouces on creating fewer specific products and services than they consume All images are public domain.   Sources: Wikimedia easy definition:create one product and trade for the rest

  8. trade barriers: -governmental policies that restrict the entry of products into a country. Image created by David easy definition: things that interfere with the entry of goods.

  9. tariff: Per item either, by weight or origin, there is a certain amount of money to be paid per import, or a tax. All images are public domain.   Sources: ctemploymentlawblog.com easy definition: Tax on imports.

  10. quota: Limiting the amout of products that can come into a country. Image created by Lexie easy definition: a limit of imported goods

  11. embargo:  cutting off trade to a certain country because of political reasons easy definition: No longer trading with a country for a certain period of time or when the leader of a country says to open trade again. add pictures, then delete this box Image created by Joshua

  12. currency:something that is used as a medium of exchange; money. All images are public domain.   Sources: Wikimedia Commons easy definition: money

  13. exchange rate:  The rate at which oneunit of the currency of a country can be traded for  a unit of the currency of another country All images are public domain.   Sources: Wikimedia Commons easy definition: How much one currency is worth in another country.

  14. Natural Resources: Raw materials used to make products or "gifts of nature." All images are public domain.   Sources: Wikimedia commons Easy Definition:Natural raw materials.

  15. human capital: Labor that is done by people in order to produce products. All images are public domain.   Sources: www.publicdomainpictures.net easy definition: Work that is done by workers.

  16. capital goods: the machines, tools, factories, land, and technology that are needed to make other products. All images are public domain.   Sources: Wikipedia and http://www.publicdomainpictures.net easy definition: the tools and machines used to make other products. 

  17. G.D.P.: The amount of products and services produced in one country in one year. All images are public domain.   Sources: Wikimedia Commons easy definition: value of products made in a country in one year.

  18. trade:  voluntary exchange of products or services All images are public domain.   Sources: easy definition: exchange

  19. import: a product brought into a country through trade or sale All images are public domain.   Sources: easy definition: the income of products

  20. export:  a product leaving a  country through trade or  sale. Student created image easy definition : products leaving a country.

  21. entrepreneurship: Bringing together natural, capital, and human resources and taking risks to start a business.  easy definition: when someone who pools resources to start a business.

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