Free Economics Flashcards about S.S. Econonomy 6

S.S. Econonomy 6

Social Studies Economy Vocab for 6th grade

Term Definition
Economy the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
traditional economy system based on customs and beliefs where people tend to do the same works as their parents ,exchange done through bartering
Command economy system where the government determines goods produced and sets prices
Market Economy system where individual buyers and sellers make all decisions regarding the buying and selling of goods
Mixed Economy combination of market and command ,private business and government make decisions
Bartering Trading without using money$$$$$
Supply and demand relationship between the quantity of a good that producers wish to sell at various prices and the quantity that consumers wishh to buy
Scarcity shortage of supply,unlimited human wants in a world of limited resources
Natural Resources things from nature that people can use such as trees land water animals minerals etc
Human resources the people who make and sell your products
Capital Resorces tangible goods that are used to create additional goods rather than be purchased by consumers
Silk Road ancient trade route used for trade and commerce to various empires and kingdoms
trade action of buying and selling goods and services
caravan group of people especially traders travelling together to provide protection and assistance
bandits criminals who attack and steal from travelers and who are often members of a gang
consumer person who purchases goods and/or services
surplus Having more of something than you need
Merchant person who buys and sells goods
import bringing goods or services into a country from another country for sale
export sending goods or services to another country for sale

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