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Transcript
ECONOMICS
6TH GRADE SOCIAL STUDIES
CAPITAL RESOURCES
 MAN-MADE THINGS WE USE TO HELP US WORK, LIKE
FACTORIES, MACHINES, AND TECHNOLOGIES
GLOBALIZATION
 THE LINKING OF NATIONS THROUGH TRADE,
INFORMATION TECHNOLOGIES, AND
COMMUNICATION
SPECIALIZATION
 BEING REALLY GOOD AT MAKING ONE OR MORE
THINGS.
OPPORTUNITY COST
 THE VALUE OF WHAT IS GIVEN UP WHEN A CHOICE IS
MADE.
TARRIFF
 A TAX ON IMPORTED AND EXPORTED GOODS
QUOTA
 AN EXAMPLE OF A TRADE BARRIER THAT SETS A
LIMIT ON THE NUMBER OF A GOOD THAT CAN BE
IMPORTED.
EMBARGO
 AN OFFICIAL BAN ON TRADE OR OTHER
COMMERCIAL ACTIVITY WITH A PARTICULAR
COUNTRY.
ENTREPRENEUR
 SOMEONE WHO HAS AN IDEA FOR A GOOD OR
SERVICE AND TAKES THE RISKS TO PRODUCE IT.
INVEST
 TO COMMIT MONEY OR CAPITAL TO GAIN FINANCIAL
RETURN.
CURRENCY
 COUNTRIES CREATE THEIR OWN CURRENCY TO USE
AS MONEY
GROSS DOMESTIC PRODUCT (GDP)
 ECONOMISTS USE GDP NUMBERS TO DETERMINE
THE STRENGTH OF COUNTRIES’ ECONOMIES AND TO
COMPARE THEM.
CREDIT
 RECEIVING A GOOD OR SERVICE NOW AND PAYING
FOR IT LATER.
INCOME
 MONEY COMING IN FOR A PERSON OR INTO A
BUSINESS
SPENDING
 TO USE UP
SAVING
 INCOME NOT YET SPENT