Introduction to Social Studies ECONOMIES Mr. Hardy Unit 1 RMS IB

Economic Power Words Economy- the production and exchange of goods and services among a group of people Trade - most basic version of the economic system –Exports- resources and services a country sells to others –Imports- resources and services a country buys from another

Natural Resources Something found in an area that is needed and useful to humans. Types of Resources –Renewable- can be replaced naturally –Non-Renewable- can not be replaced –Unlimited- always available for human use (Sun, wind, water = all used to create energy) Raw Materials- an unprocessed natural resources that will be converted to a finished product

Economic Systems Traditional- Goods and services are traded, rarely use money Command- production is decided on by the government (govt. owns the resources and businesses) Market- production is determined by supply and demand Mixed - A combination of market and command economies provides goods and services

Economic Development GDP- Gross Domestic Product- total amount of goods and services produced in one year Developing Nations- low GDP (2 nd and 3 rd world countries) Developed Nations- high GDP (1 st world countries)

World RankCountryPer Capita GNP 1Qatar$103,900 6Norway$55,900 8U.S.A.$50,700 23U.K.$37,500 47Portugal$23,900 58Russia$18,000 68Mexico$15,000 81Brazil$12,100 92China$6, Syria$5, India$3, Eritrea$ Dem. Rep. Congo$400

Four Square Vocabulary Follow Mr. Hardy’s folding directions before beginning your work. Top Left- Create a drawing that depicts your word Bottom Left- Choose one of the following –Write a paragraph –Make a lists of opposites –Create an acrostic poem –Complete “This makes me think of…” Top Right- Describe the meaning of the word in your own words. Bottom Right- Choose one of the following –Create a list of similar words –How is it like something in your life? –Create a song, rap, or poem. –Create a flow chart