SS Study vocab

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What is a Mixed Economy?

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A mixed economy is an economic system that combines elements of both market economies and planned economies. It includes a variety of economic activities and allows for both private and public ownership.

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What is an Embargo?

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An embargo is a government order that restricts or prohibits trade with a specific country, often used as a political tool.

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What does Wealth Distribution refer to?

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Wealth distribution refers to how wealth is divided among the members of a society, highlighting the gap between the rich and the poor.

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Which country is the largest and spans from Europe to the Pacific Ocean?

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Russia is the largest country in the world, covering vast territories from Europe to the Pacific Ocean.

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What is Capital Goods Investment?

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Capital goods investment involves spending on physical assets like buildings and machinery that are used to produce goods and services.

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What is Human Capital?

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Human capital refers to the skills, knowledge, and experience possessed by an individual or population, which can be used to create economic value.

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What is a Tariff?

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A tariff is a tax imposed by a government on imported goods, making them more expensive and protecting domestic industries.

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What is Income Distribution?

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Income distribution refers to how a nation’s total income is distributed among its population, affecting economic inequality.

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What are Natural Resources?

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Natural resources are materials or substances that occur in nature and can be used for economic gain, such as minerals, forests, and water.

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What is a Market Economy?

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A market economy is an economic system where decisions regarding investment, production, and distribution are based on supply and demand.