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Published byMildred Russell Modified over 9 years ago
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ECONOMICS 6 TH GRADE SOCIAL STUDIES
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MAN-MADE THINGS WE USE TO HELP US WORK, LIKE FACTORIES, MACHINES, AND TECHNOLOGIES CAPITAL RESOURCES
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THE LINKING OF NATIONS THROUGH TRADE, INFORMATION TECHNOLOGIES, AND COMMUNICATION GLOBALIZATION
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BEING REALLY GOOD AT MAKING ONE OR MORE THINGS. SPECIALIZATION
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THE VALUE OF WHAT IS GIVEN UP WHEN A CHOICE IS MADE. OPPORTUNITY COST
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A TAX ON IMPORTED AND EXPORTED GOODS TARRIFF
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AN EXAMPLE OF A TRADE BARRIER THAT SETS A LIMIT ON THE NUMBER OF A GOOD THAT CAN BE IMPORTED. QUOTA
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AN OFFICIAL BAN ON TRADE OR OTHER COMMERCIAL ACTIVITY WITH A PARTICULAR COUNTRY. EMBARGO
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SOMEONE WHO HAS AN IDEA FOR A GOOD OR SERVICE AND TAKES THE RISKS TO PRODUCE IT. ENTREPRENEUR
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TO COMMIT MONEY OR CAPITAL TO GAIN FINANCIAL RETURN. INVEST
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COUNTRIES CREATE THEIR OWN CURRENCY TO USE AS MONEY CURRENCY
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ECONOMISTS USE GDP NUMBERS TO DETERMINE THE STRENGTH OF COUNTRIES’ ECONOMIES AND TO COMPARE THEM. GROSS DOMESTIC PRODUCT (GDP)
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RECEIVING A GOOD OR SERVICE NOW AND PAYING FOR IT LATER. CREDIT
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MONEY COMING IN FOR A PERSON OR INTO A BUSINESS INCOME
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TO USE UP SPENDING
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INCOME NOT YET SPENT SAVING
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