economics

ECONOMICS6TH GRADE SOCIAL STUDIES

MAN-MADE THINGS WE USE TO HELP US WORK, LIKE FACTORIES, MACHINES, AND TECHNOLOGIES

CAPITAL RESOURCES

THE LINKING OF NATIONS THROUGH TRADE, INFORMATION TECHNOLOGIES, AND COMMUNICATION

GLOBALIZATION

BEING REALLY GOOD AT MAKING ONE OR MORE THINGS.

SPECIALIZATION

THE VALUE OF WHAT IS GIVEN UP WHEN A CHOICE IS MADE.

OPPORTUNITY COST

A TAX ON IMPORTED AND EXPORTED GOODS

TARRIFF

AN EXAMPLE OF A TRADE BARRIER THAT SETS A LIMIT ON THE NUMBER OF A GOOD THAT CAN BE IMPORTED.

QUOTA

AN OFFICIAL BAN ON TRADE OR OTHER COMMERCIAL ACTIVITY WITH A PARTICULAR COUNTRY.

EMBARGO

SOMEONE WHO HAS AN IDEA FOR A GOOD OR SERVICE AND TAKES THE RISKS TO PRODUCE IT.

ENTREPRENEUR

TO COMMIT MONEY OR CAPITAL TO GAIN FINANCIAL RETURN.

INVEST

COUNTRIES CREATE THEIR OWN CURRENCY TO USE AS MONEY

CURRENCY

ECONOMISTS USE GDP NUMBERS TO DETERMINE THE STRENGTH OF COUNTRIES’ ECONOMIES AND TO COMPARE THEM.

GROSS DOMESTIC PRODUCT (GDP)

RECEIVING A GOOD OR SERVICE NOW AND PAYING FOR IT LATER.

CREDIT

MONEY COMING IN FOR A PERSON OR INTO A BUSINESS

INCOME

TO USE UP

SPENDING

INCOME NOT YET SPENT

SAVING