GMSE 6th Grade Economics Vocabulary

examples include: oil, land, trees, minerals

The amount of people that want to purchase an item is...

measurement of what is produced and what is required to produce it

goods travel fairly freely across borders

countries decide to trade with each without having high tariffs, taxes, or quotas

Good for consumers/us; helps keep prices fair

resources distributed through families

combination of market and command economies

The production, distribution, and consumption of goods and services is...

also called capitalism; production and distribution is privately owned

examples include: workers, drivers, management, entrepenuers

not enough of a good to satisfy wants or needs

How a society decides on the ownership and distribution of its economic resources

create conditions where all natural resources for meeting a country’s needs are available

quantity of a good or service available in the marketplace

level at which a person, group, country lives; extent to which needs are met

The amount of an item that a store has to sell.

Someone who buys goods and uses services.

When there is not enough of a resource or item.

Something you can use or eat.

things that people would like to have but CAN live without; cable, cashmere, UGGS, chocolate

Which is NOT a benefit of globalization

______ is the process in which people, ideas and goods spread throughout the world.

Advertise; promote a product or service.

production and distribution are controlled by the government. (ex. communism)

examples include: land, buildings, stocks

What someone must make when faced with two or more alternative uses of a resource

Any kind of work performed by others.

Studying your vocabulary will increase your chance of earning a "good" grade on the quiz?

necessary for survival

Ability to read, analyze, manage and communicate about your personal financial conditions

measures a countries performance against other countries. Goods produced in a year.