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Economics
6th Grade Western Global Economics Terms
26
Economics
6th Grade
12/05/2011

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Term
Consumer
Definition
a person, company, or business that uses goods or services. Example: When you buy things a a store you are acting as a consumer.
Term
Producer
Definition

a person, company, or business that makes goods or provides services for consumers.

 

Example: when you make things to sell to other people you are acting as a producer.

Term
Goods
Definition

objects of value acquired and used by consumers

 

Example: Cars, cakes, and computers are examples of goods.

Term
Services
Definition

actions or activities an individual, company, or business provides for someone else.

 

Example: Repairing cars is an example of a service.

Term
Distribution
Definition

moving goods and services directly to or near consumers

 

Example: Trucks, ships, and railroads are used for distribution

Term
Production
Definition

The process of making goods and services

 

Example: An assembly line is used in the production of automobiles.

Term

Economic Systems

Definition

different ways that people use resources to make and exchange goods and services

 

Example: Bartering is the oldest economic system in the world

Term
Traditional Economy
Definition

goods and services are traded, but money is rarely exchanged.

 

Example: A traditional economy is more likely to be in a remote community in which people grown their own food and make their own goods.

Term
Barter
Definition

to trade

 

Example: He bartered and traded a pencil for a ruler in the class barter game.

Term
Market Economy
Definition

What is produced and distributed is based on what consumers are willing to buy and the price they will pay.

 

Example: In a market economy, the price people are willing to sell goods for depends on the price people are willing to pay.

Term
Command Economy
Definition

a central authority plans and controls what is produced and distributed

 

Example: In a command economy prices are set by the central authority

Term
Mixed Economy
Definition

a combination of command and market economies

 

 Example: In coutries with mixed economies, the government may own some industries, while others belong to private owners.

Term
Economy
Definition

a system for producing, distributing, and consuming goods and services.

 

Example: Banks, factories, and consumers all have a role in the economy.

Term
Factors of production
Definition

the resources used to produce goods and services

 

Example: The factors of production are also called "productive resources."

Term
Entrepreneur
Definition

One who takes risks, makes decisions, and organizes other productive resources to earn a profit

 

Example: An entrepreneur is often someone who starts a business

Term
Labor (human) resources
Definition

the abilities, talents, training, skills, and knowledge of people used in the production of goods or services.

 

Example: Human resources may use physical or mental efforts

Term
Natural (land) resources
Definition

productive resources that occur in nature.

 

Example: Natural resources include water, soil, trees, and minerals.

Term
Capital resources
Definition

machinery, tools, factories, stores, vehicles, etc. made by humans that are used to produce goods or services.

 

Example: Tractors used to harvest crops are capital resources.

Term
Economic indicator
Definition

data that helps to show the economic condition of a country.

 

Example: The Gross Domestic Product is an example of an economic indicator

Term
Gross Domestic Product (GDP)
Definition

the total value of all the goods and services produced in an economy in a given year.

 

Example: The Gross Domestic Product is an example of an economic indicator

Term
Per Capita Income
Definition

the amount of money people make in a country, divided by the number of people in the country.

 

Example: In wealthy countries the Per Capita Income is high.

Term
life expectancy
Definition

the average life span of a newborn; life expectancy is an indicator of the overall health of a country.

 

Example: The higher the life expectancy, the better economic shape a country is in.

Term
infant mortality
Definition

the number of deaths of infants, one year or younger

 

Example: The infant mortality rate has continued to decline over the past several years.

Term
literacy
Definition

the ability to read and write

 

Example: Literacy is important because it affects people's ability to prepare for and hold jobs.

Term
Developing countries
Definition

countries with less productive economies and a lower quality of life.

 

Example: Almost two-thirds of the people in the world live in developing countries

Term
Developed countries
Definition

Countries with strong economies and a high quality of life.

 

Example: Developed countries like the United States and Germany have a higher per capita GDP and high levels of industrialization.

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