Items that should be attached in your SS notebook Economics Unit Items that should be attached in your SS notebook

Advantages and Disadvantages in Government Autocracy Definition: Oligarchy Democracy Advantage Disadvantage ME Country Example:

 

Economic Vocabulary Terms SOUTHWEST ASIA Economic Vocabulary Terms   Economics: The study of how people choose to use limited resources to satisfy their unlimited wants. Human Resources: The knowledge and skills (education) that allow workers to produce goods and services and earn a salary. Example: the knowledge and skills needed to become a doctor, lawyer, teacher, or car mechanic. Capital Resources: Goods such as factories, machines, and tools that workers use to make other goods (ex. tractor, hammer, paper). Natural Resources: Raw materials used to support life and make goods; Example: trees, land, oil. Entrepreneurship: the rare mix of qualities needed to create and run businesses; People who have these qualities risk their time, money, and energy to make a profit. They might create new products, come up with new ways to make things, or find new ways to reach buyers (ex. I-Tunes, Facebook). Goods: tangible (touchable) objects that satisfy economic wants (ex. car, I-Pad, cell phone) Services: activities performed by people to satisfy economic wants (ex. babysitting, car washing, dental cleaning) Invest: buy something in order to benefit financially from it in the future Gross Domestic Product (GDP): The total value of all goods and services produced in a country every year; the value of every item made and every service provided in a country added up. GDP per capita: The average value of goods and services available to each person in a country each year. Usually expressed as the average income($) per person. Calculated by dividing GDP by the population. Literacy Rate: the percentage of people who can read and write in a country Standard of Living: a person’s level of comfort; determined by the amount of goods, services, and luxuries available to a person Scarcity: the condition that exists because human wants go beyond the available resources required to satisfy those wants; when there isn’t enough of something because humans want more than they can have Producer: someone who uses resources to make a good or service Consumer: someone who buys or trades a good or service Economic System: the way a nation uses its resources to satisfy people’s needs and wants Traditional Economy: an economic system in which social roles and culture decide what goods and services will be produced, how they will be produced, and for whom; when you make what tradition/customs tell you to make Command Economy: an economic system in which the government decides what goods and services will be produced, how they will be produced, and for whom Market Economy: an economic system in which individual choices decide what goods and services will be produced, how they will be produced, and for whom Mixed Economy: an economic system that has mixed features of command and market Economies Specialization: when people, businesses, or countries produce specific goods or services in order to produce more; leads to trade and increases interdependence Import: goods brought into one country from another through trade or sale Export: goods and services traded with or sold to other countries Voluntary Trade: an economic exchange in which all sides agree to participate because they expect to benefit International Trade: the exchange of goods and services between countries Currency: Money that is used as a way to trade goods and services; ex. paper bills, coins Exchange Rate: How much one country’s money is worth compared to another. Ex: 12 Mexican Pesos = 1 U.S. dollar Trade Barrier: Any law or practice that a government uses to limit trade between countries Tariff: A price charged for goods or services brought into one area from another area; EXAMPLE: adding $2 to the price of shirts bought from China Quota: A limit on the amount of a product that may be imported during a given period of time. EXAMPLE: The U.S. only imports 5,000 computers from China per month. Embargo: when a country refuses to import or export certain goods; often backed by military force. EXAMPLE: OPEC refused to sell oil to the U.S. in 1979 because the U.S. supported Israel in a war against OPEC’s Arab neighbors. OPEC: Organization of Petroleum Exporting Countries; decides the price and amount of oil produced each year in major oil countries like Iran, Iraq, Saudi Arabia, and Kuwait

Israel Saudi Arabia Turkey country What goods/services will be produced? How will goods/services be produced? Who will consume the goods/services? Israel Type of economy: Saudi Arabia Turkey Economies: Mixed: Traditional Command Market

Entrepreneur: Matilda Yeager My invention is ______. It will help people by ____________. The Shark Tank will _____ in it because _____. When people are camping outdoors, there may be a _____ of firewood, so this would be helpful. The _______ for this product would be campers or students who are not allowed to use the stove by themselves. This is a _____ that would satisfy something that people want. The ____________’s _____________ would not matter because all of the materials are available quite easily. The ________ that would be used would be dollar bills and coins, since it will cost $2.50 each. Draw an invention Include: purpose, who benefits, productions steps Include economic terms to explain