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Economics Supply of human skills, natural goods, and capital goods
Goods and Services Products or services sold to a consumer or another industry
Gross domestic product GDP The total amount of goods and services produced in a country
Four Factors of Production Human capital Capital goods Natural Resources Entrepreneurship
Human capital The value that people bring to the workplace
Capital goods Goods used to make products
Natural resources Resouces that come from the Earth such as trees, fresh water, Soil, plants or animals
entrepreneurship A person who takes on the risk and possible reward of operating a new business
Types of economies Traditional Command Market
Traditional economy Economy dominated by methods and techniques that have strong social support even though they may be out of date
Command economy An economy that is planned and controlled by a central administration
Market economy Economy that operates by voluntary exchange in a free market and is not planned or controlled by a central authority—a capitalistic economy
Types of capital investments Factories Machinery Technology
Trade Barriers Tariffs Quotas Embargoes
Tariffs Taxes on goods coming into a country
quotas Limits on the number of goods that can be imported from a certain country
embargo Ban on trade with another country
Trade and Economic Growth
SS6E5 The student will analyze different economic systems.
Europe Unit 3 Economics and Environmental Understandings.
Economic Understandings To play the game, go to the next slide and click on a point value to go to a question. To go to final Wrap-Up click on Final Wrap-Up.
SOUTHERN AND EASTERN ASIA Economic Understandings.
200 pt 300 pt 400 pt 500 pt 100 pt 200 pt 300 pt 400 pt 500 pt 100 pt 200 pt 300 pt 400 pt 500 pt 100 pt 200 pt 300 pt 400 pt 500 pt 100 pt 200 pt 300.
Unit 3 Economy Study Guide Who or what makes the decisions of what to produce, how to produce, and for whom to produce in a traditional economy? Customs.
UK, Germany, & Russia Economies GovernmentsTradeMiscellaneous.
Standards: ss6cg5b, ss6e5 a, b, c, ss6e6a, b, ss6e7a, b, c, d
Economics The student will understand that the production, distribution, and consumption of goods/services produced by the society are affected by the.
Jeopardy Trade Terms Productive Resources Key Econ Terms Extras Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy Econ.
Economies in Africa. GDP Gross Domestic Product The total market value of the goods and services produced by a country in a specific year. Tells.
Basics of Economics SS6E5 The student will analyze different economic systems. a. Compare how traditional, command, and market economies answer the economic.
important concepts for Social Studies
Economics Handbook Vocabulary. Economic System The way in which a nation uses its resources to satisfy people’s needs and wants.
Daily Oral Social Studies 2 nd Nine Weeks. Which country had problems with acid rain? A. Germany B. United Kingdom C. Ukraine A.
QUICK CHECK: Economic Terms _____________________________ is the study of how people or countries manage (choose to use) their limited resources by producing,
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