7th grade Economics

Knowledge & skills that make it possible for workers to earn a living producing goods or services

• capital goods

• human capital

• standard of living

• specialization

GDP divided by the total population of the country

• Gross Domestic Product

• Quota

• Per Capita GDP

• Income

A way of limiting the amount of foreign goods that can come into a country

• tariffs

• quotas

• embargoes

• exchange rate

the monetary payment received for goods or services, or from other sources, such as rents or investments

• tariffs

• Gross Domestic Product

• credit

• income

to put $ to use in something offering potential profitable returns, such as interest, income, or appreciation in value

• invest

• credit

• savings

• tax

a trade barrier in which one country announces that it will no longer trade with another country in order to isolate & cause problems with that country's economy

• tariff

• quota

• embargo

• income

the ability to borrow money

• income

• entrepreneurship

• specialization

• credit

the $ that you have not spent after buying things you want

• income

• savings

• free enterprise

• specialization

a tax placed on goods when they are brought into one country from another country

• embargoes

• quotas

• income

• tariffs

creative, original thinkers who are willing to take risks to create new businesses & products

• consumers

• producers

• specializers

• entrepreneurs