Think Like An Economist 6 th Grade Western

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Think Like An Economist 6 th Grade Western Hemisphere Mr. Hackney

Think Like An Economist 6 th Grade Western Hemisphere Mr. Hackney

Consumer A person, company, or business that uses goods or services.

Consumer A person, company, or business that uses goods or services.

Producer A person, company, or business that makes goods or provides services for consumers.

Producer A person, company, or business that makes goods or provides services for consumers.

Goods Objects of value acquired and used by consumers.

Goods Objects of value acquired and used by consumers.

Services Actions or activities an individual, company, or business provides for someone else.

Services Actions or activities an individual, company, or business provides for someone else.

Distribution Moving goods and services directly to or near consumers.

Distribution Moving goods and services directly to or near consumers.

Production The process of making goods and services.

Production The process of making goods and services.

Bell Question What is an entrepreneur?

Bell Question What is an entrepreneur?

Economic Systems Different ways that people use resources to make and exchange goods and

Economic Systems Different ways that people use resources to make and exchange goods and services.

Traditional Economy Goods and services are traded, but money is rarely exchanged.

Traditional Economy Goods and services are traded, but money is rarely exchanged.

Barter To trade.

Barter To trade.

Market Economy What is produced and distributed is based on what consumers are willing

Market Economy What is produced and distributed is based on what consumers are willing to buy and the price they will pay.

Command Economy A central authority plans and controls what is produced and distributed

Command Economy A central authority plans and controls what is produced and distributed

Mixed Economy A combination of command market economies.

Mixed Economy A combination of command market economies.

Traditional Economy Notes A system in which people grow their own food and make

Traditional Economy Notes A system in which people grow their own food and make their own goods. Oldest economic system in the world. Not used much today. Trade takes place through bartering. Found in rural and far out communities.

Market Economy Notes System of private ownership. Most common system in the world today.

Market Economy Notes System of private ownership. Most common system in the world today. Individuals and businesses are free to buy and sell what they want. Sometimes called capitalism. Prices are set by supply and demand. The United States uses this system.

Market Economy

Market Economy

Command Economy Government decides prices and how much to produce. Government owns most resources

Command Economy Government decides prices and how much to produce. Government owns most resources and businesses. Found in North Korea and Cuba today. Sometimes called communism.

Command Economy

Command Economy

Mixed Economy Mix of command market economy. Government may own some industries, while others

Mixed Economy Mix of command market economy. Government may own some industries, while others belong to private owners.

Economic Indicators Data that shows information on how well a country’s economy is doing.

Economic Indicators Data that shows information on how well a country’s economy is doing.

GDP (Gross Domestic Product) The total amount of worth a country’s goods and services

GDP (Gross Domestic Product) The total amount of worth a country’s goods and services are.

Per Capita Income The average amount a person makes within a country.

Per Capita Income The average amount a person makes within a country.

Life Expectancy The average years of life someone is expected to live to within

Life Expectancy The average years of life someone is expected to live to within a country.

Infant Mortality Rate The number of deaths of children one year or younger.

Infant Mortality Rate The number of deaths of children one year or younger.

Literacy Rate The percentage of people that are able to read and write within

Literacy Rate The percentage of people that are able to read and write within a country.

Developed Country Countries with a strong economy and a high standard of living.

Developed Country Countries with a strong economy and a high standard of living.

Developing Country A country with a weak economy and a low standard of living.

Developing Country A country with a weak economy and a low standard of living.