6th Grade 2nd Quarter Vocab Review

Front

Exchange of goods and services in a market.

Back

Trade

Front

A society's ability to produce a product most efficiently given all possible products.

Back

Comparative Advantage

Front

Keeps goods/services from entering a country.

Back

Trade Barrier

Front

Tax on imports/exports.

Back

Tariff

Front

Removal of trade barriers.

Back

Free trade

Front

Country's economic growth & quality of life.

Back

Development

Front

Country with a strong economy and high quality of life.

Back

Developed country

Front

Country with a less-productive economy and lower quality of life.

Back

Developing country

Front

Total value of all goods and services produced in a country in a year.

Back

GDP

Front

Goods/services produced per resources used.

Back

Productivity