Nfms Social Studies 6Th Grade Economy 11/2015/16

Front 1

People in my society produce what they need to survive by farming or hunting. We base what to produce on past generations.

Back 1

Traditional economy

Front 2

A political system in which the government owns all property and dominates all aspects of life in a country.

Back 2

Communism

Front 3

What is the benefit of having an abundance of natural resources?

Back 3

They will have a better chance of having a good economy

Front 4

Technology, equipment, stands, sinks, buildings, manufacturing good, computers, phones, and things needed to run a business are considered?

Back 4

Capital Goods

Front 5

Industrial Regions

Back 5

a region with extremely dense industry. It is usually heavily urbanized (India, Japan, Korea, Poland) often located near rivers

Front 6

What does the GDP measure?

Back 6

goods and services produced within a country

Front 7

Are natural resources capital goods?

Back 7

no, they can be important BUT not the main thing for high productivity

Front 8

What are the causes for economic growth?

Back 8

Investment in Capital growth, Investment in human capital, Role of entrepreneurs, Higher standard of living.

Front 9

What is Trade?

Back 9

Trade is the voluntary exchange of goods and services between two or more parties.

Front 10

The oldest economy is ?

Back 10

Traditional

Front 11

What kind of Economy can I start my own business and charge what ever I want for the products?

Back 11

Market Economy

Front 12

What economy is the best competition for producers?

Back 12

What economy is the best competition for producers?

Front 13

In a Command Economy

Back 13

producer answer to the central authority

Front 14

What kind of economy does Russia have?

Back 14

mixed

Front 15

What is another name for Tax?

Back 15

Tarriff

Front 16

The US found out a company they trade with in China has been using lead paint on toys they trade, What can the US do to stop the use of lead paint.

Back 16

Embargo

Front 17

What are causes of economic growth?

Back 17

Investment in human capital, role of entrepreneurs, and investment in capital goods.

Front 18

I work on my Grandfathers farm as did everyone in my family, we still seed the fields by hand, we trade our crops for things we need to live. I live in a _______ economy

Back 18

Traditional

Front 19

What is the exchanging currencies

Back 19

Trade- Money between nations. Money from one county must be converted into currency to pay for goods and services for that county

Front 20

foreign exchange

Back 20

a global market in which people trade one currency with another, example one is in New York and London

Front 21

How to raise a countries GDP?

Back 21

One way is education, education creates smarter workers which lead to greater growth.

Front 22

Why would the US put an embargo on another country?

Back 22

____ typically motivated by political, economic, moral, or environmental reasons

Front 23

Social Market Economy

Back 23

Economy seeking a middle path between socialism and laissez-faire

Front 24

Entrepreneur

Back 24

A person who starts up and takes on the risk of a business for themselves

Front 25

Human Capital

Back 25

Combined knowledge, skills and experience of a company's employees. (the people who at the company)

Front 26

The percentage of a country's people who can read and write.

Back 26

Literacy rate

Front 27

Physical capital

Back 27

capital" consists of manufactured productive resources such as equipment, buildings, tools, sinks, cash registers, toilets, computers, printers and machines.

Front 28

rubles

Back 28

Russian money like Yen (Japan) or Euros (Europe)

Front 29

Free trade zone

Back 29

an area of a country where some normal trade barriers such as tariffs and quotas are eliminated and bureaucratic requirements are lowered in hopes of attracting new business

Front 30

Embargoes

Back 30

complete ban on certain products coming in or leaving the country; usually for political reasons

Front 31

A non tariff barrier that limits the quantity of a good that may be imported into a country.

Back 31

Quotas

Front 32

Tariffs

Back 32

taxes on imported goods to discourage the buying of imported goods and increase the economy within a country

Front 33

Trade Barriers

Back 33

restrictions to free trade. (tariffs, quotas, or embargoes), Taxes, quotas, and other restrictions on goods entering or leaving a country.

Front 34

Mixed economies

Back 34

Economic system in which some allocation of resources is made by the market and some by the government.

Front 35

the economy is run by the people and not the government; capitalism; example: US; Owners are free to run business as they please, can choose what to sell and what to buy

Back 35

Free economies

Front 36

Laissez-faire

Back 36

Hands off. No government intervention in business.

Front 37

Capitalism

Back 37

(aka free enterprise) an economic system in which individuals own and operate the majority of businesses that provide goods and services

Front 38

Free enterprise

Back 38

Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference

Front 39

An economic system in which businesses and individuals decide what to produce and buy, and the market determines quantities sold and prices.

Back 39

Market Economy

Front 40

An economic system in which the government controls a country's economy.

Back 40

Command

Front 41

Economic System

Back 41

The way a country decides what goods and services. Will How Who will make and consume the products

Front 42

Scarcity

Back 42

the principle that limited amounts of goods and services are available to meet unlimited wants