SUPER SET

UNIT 6-7 REVIEW

3 BIG QUESTIONS

WHO, WHAT, AND FOR WHO TO PRODUCE?

profit

EARNING MORE THAN THE COST OF WHAT YOU SELL

public sector

WHERE GOVERNMENT JOBS, INDUSTRIES, AND SERVICES OPERATE

private sector

Where private businesses and individual may compete in a free market

SAFETY NET

A SYSTEM IN PLACE TO PROVIDE BASIC SERVICES FOR PEOPLE IN NEED

REGULATION

RULES IN PLACE TO MAKE SURE INSTITUTIONS/COMPANIES OPERATE LAWFULLY

outsource

WHEN A GOVERNMENT OR COMPANY HIRES A GROUP TO CARRY OUT A JOB THEY DON'T HAVE TIME OR SKILL TO ACCOMPLISH

FREE MARKET ECONOMY

ECONOMIC SYSTEM THAT WORKS ACCORDING TO SUPPLY AND DEMAND. DOESN'T HAVE MUCH GOVERNMENT INVOLVEMENT.

FREE ENTERPRISE

BEING ABLE TO CHOOSE HOW TO MAKE MONEY, TRADE, AND MAKE A LIVING

CAPITALISM

THE VOLUNTARY EXCHANGE OF GOODS AND SERVICES FOR PROFIT

PROFIT

WHEN THE SELLER MAKES MORE MONEY OFF THE ITEM SOLD THAT IT'S ORIGINAL COST.

TRADITIONAL ECONOMY

AN ECONOMIC SYSTEM WHERE DECISIONS ARE BASED ON CUSTOMS, CULTURE, AND OLD VALUES

SUBSISTENCE FARMING

farming in which only enough food to feed one's family is produced

DEVELOPING COUNTRY

A country that has low industrial production and little modern technology

push factors

a factor that causes people to leave their homelands and migrate to another region

PULL FACTORS

A factor that draws or attracts people to another location

Tenement Housing

A multifamily urban dwelling, usually overcrowded and unsanitary

Urbanization

Movement of people from rural areas to cities

rail route map

MAP SHOWING WHERE TRAINS ARE GOING

Iron Horse

steam locomotive

command economy-

An economic system in which the government controls a country's economy.

market economy-

an economy that relies chiefly on market forces to allocate goods and resources and to determine prices

traditional economy

economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services

mixed economy

an economic system that combines private and state enterprises

tariffs

Taxes on imports or exports

quotas

established limits by governments on the number of immigrants who can enter a country each year

embargos

ban trade with another countries

NAFTA

North American Free Trade Agreement; allows open trade with US, Mexico, and Canada

Currency exchange

...In finance, the exchange rates between two currencies specifies how much one currency is worth in terms of the other.

GDP

Gross Domestic Product- the total market value of all final goods and services produced annually in an economy

Entrepreneurship

accepting the risk of starting and running a business

Standard of living

A measure of quality of life based on the amounts and kinds of goods and services a person can buy

Literacy rate

percentage of people who can read and write

Human capital

the skills and knowledge gained by a worker through education and experience

Capital goods

Buildings, machinery, tools, and other goods that provide productive services over a period of time.

Budget

a sum of money allocated for a particular purpose

Credit

used in the phrase 'to your credit' in order to indicate an achievement deserving praise

Specialization

the special line of work you have adopted as your career

Euorpean union

An economic and political association of of certain European countries with internal free trade and common external tariffs

Investment

the ceremonial act of clothing someone in the insignia of an office

command economy

An economic system in which the government controls a country's economy.

Traditional Economy

production is based on customs and traditions

market economy

Economic decisions are made by individuals or the open market.

mixed economy

market-based economic system with limited government involvement

good

a physical item that is produced and can be weighed or measured

Consumer

A person who purchases goods and services for personal use

Producer

A person, company, or country that makes, grows, or supplies goods for sale

supply

The amount of goods available

demand

the desire to own something and the ability to pay for it

economic system

the method used by a society to produce and distribute goods and services

Three economic questions

What to produce? How to produce? For whom to produce?

profit

total money minus total cost

cost

Price to make a product

currency

money

Mexico currency

Mexican peso

Japan currency

yen

Brazil currency

real

France currency

Euro (EUR)

Canada currency

Canadian dollar

US currency

US dollar

Industry

all the businesses that make one kind of product or provide one kind of service

transportation

The process by which passengers or goods are moved or delivered from one place to another.

Migration

A movement from one country or region to another

communication

The imparting or exchanging of information or news

railroad

a track or set of tracks made of steel rails along which passenger and freight trains run.

railway

a line of track providing a runway for wheels

economic boom

rapid economic growth

junction

the place where two highways or two sets of railroad tracks cross or join

depot

railroad station

locomotive

A railroad engine

lumber

wood, timber

trade

Exchange of goods and services

immigrant

a person who comes to a country where they were not born in order to settle there

illegal

against the law

Train engine

locomotive

Boss Tweed

A political boss who carried corruption to new extremes, and cheated the city out of more than $100 million

Tammany Hall

Political machine in New York, headed by Boss Tweed.

political machine

a strong party organization that can control political appointments and deliver votes

Industrialization

the process of developing machine production of goods

Urbanization

Movement of people from rural areas to cities

New York City

the largest city in the United States

Migration

movement of people from one place to another

Immigration

the movement of people into a country or region, from another country or region

Gilded Age

Late 1800s to Early 1900s - time of large increase in wealth caused by industrialization

Robber Barons/Captains of Industry

These were American capitalist who acquired a fortune in the late nineteenth century by ruthless means such as horizontal or vertical integration. Examples include Andrew Carnegie and Cornelius Vanderbilt.

exploitation

the action or fact of treating someone unfairly in order to benefit from their work.

Kickbacks

Taking illegal payments for services made.

degredation

a decline to a lower condition, quality, or level

wealth

the total value of everything someone owns, minus the debts

poverty

the state of being extremely poor

Child Labor

Children were viewed as laborers throughout the 19th century. Many children worked on farms, small businesses, mills and factories.

Labor Strikes

a work stoppage intended to force an employer to respond to demands

Railroads

Networks of iron (later steel) rails on which steam (later electric or diesel) locomotives pulled long trains at high speeds. The first were built in England in the 1830s. Success caused the construction of these to boom lasting into the 20th Century

patent

(n.) exclusive rights over an invention; copyright; (v.) to arrange or obtain such rights; (adj.) plain, open to view; copyrighted

Copyright

a document granting exclusive right to publish and sell literary or musical or artistic work

Trademark

A brand that has exclusive legal protection for both its brand name and its design

vocational

a course or program that teaches job skills

achievement

an important result that is gained by effort

criticize

indicate the faults of (someone or something) in a disapproving way.

challenging

difficult, in a way that tests your ability or determination