Economic terms for 6th graders
updated 3 years ago by chaviano
Subjects:social studies, economics
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Someone who takes a risk to start his or her own business
A complete ban on trading between two countries
Education, training, skills, healthcare of workers and the value they bring to the economy
A limit placed on imported goods
An economic system where citizens have the most freedom in running their business.
An economic system that is based on the customs and beliefs of the past. People barter to get what they need.
An economic system where the government makes all of the decisions about what to produce, how to produce, and for whom to produce.
A mix of command and market economy. Most democratic nations have this type of economy.
A tax added to imported goods
Physical Trade Barrier
A physical feature that makes trading difficult
A measure of how many people in a country (15 and over) who can read and write
Factories, technology, machines, and buildings that businesses need in order to function
Competition between businesses: only found in marked and mixed economies
Gross Domestic Product (GDP)
The final amount of goods and services produced in a country in one year
The division of labor: countries can become experts in producing certain goods
North American Free Trade Agreement
A trade agreement between US, Canada, and Mexico that removes tariffs
The value of one country's currency compared to another's
Standard of Living
The economic level achieved by a person, family, or country