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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