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Economics Terms

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created 3 years ago by chaviano
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Economic terms for 6th graders

updated 3 years ago by chaviano

Grade levels:
6th grade

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1

Entrepreneur

Someone who takes a risk to start his or her own business

2

Embargo

A complete ban on trading between two countries

3

Human Capital

Education, training, skills, healthcare of workers and the value they bring to the economy

4

Quota

A limit placed on imported goods

5

Market Economy

An economic system where citizens have the most freedom in running their business.

6

Traditional Economy

An economic system that is based on the customs and beliefs of the past. People barter to get what they need.

7

Command Economy

An economic system where the government makes all of the decisions about what to produce, how to produce, and for whom to produce.

8

Mixed Economy

A mix of command and market economy. Most democratic nations have this type of economy.

9

Tariff

A tax added to imported goods

10

Physical Trade Barrier

A physical feature that makes trading difficult

11

Literacy Rate

A measure of how many people in a country (15 and over) who can read and write

12

Capital Goods

Factories, technology, machines, and buildings that businesses need in order to function

13

Free Enterprise

Competition between businesses: only found in marked and mixed economies

14

Gross Domestic Product (GDP)

The final amount of goods and services produced in a country in one year

15

Specialization

The division of labor: countries can become experts in producing certain goods

16

North American Free Trade Agreement
(NAFTA)

A trade agreement between US, Canada, and Mexico that removes tariffs

17

Currency Exchange

The value of one country's currency compared to another's

18

Standard of Living

The economic level achieved by a person, family, or country