TAKS Vocab and Context Review- Economic/Social Terms Flashcards

55677820	Culture (groups)	way of life and the group(s) that live and represent that way of life	0
55677821	Demographic Data	statistics about the numbers and characteristics of people living in an area	1
55677822	Level(s) of development	refers to the amount and quality of economic and industrial resources, often related to national income	2
55677823	Standard of living	use indicators such as income, education, birth rate/death rate, $ spents on food, population density, and so on to determine quality of life	3
55677824	Nation	country with borders and an organized gov't which freely exercises authority within its borders	4
55677825	Distribution	relates to trade and how resources and products are divided and allocated	5
55677826	Free-enterprise economic system	the system in the U.S. and other free market economies. It includes economic choice, competition, profit motive, and limited government regulation of the economy.	6
55677827	Command economic system	central gov't owns most of the means of production in a country and controls most economic decisions	7
55677828	Basic Needs	food, clothing, shelter (water is food)	8
55677829	Goods and Services	goods (things) are products made for sale/barter and services (actions) are products people provide	9
55677830	Subsistence Farming	growing crops just to support a family and not have any extra (surplus) for sale	10
55677831	Market-oriented agriculture	growing crops for commercial sale and distribution to domestic and international buyers	11
55677832	Capital	goods used to produce other goods	12
55677833	Cottage Industries	small-scale production requiring little capital	13
55677834	Commercial Industries	large-scale production of goods by large companies or corporations	14
55677835	Industrialization	the process of creating commercial industry including heavy industry such as steel	15
55677836	Trade	exchange of goods and services	16
55677837	Technological Innovations	the introduction of new technology which often changes lifestyle and production	17
55677838	Tariff/Duty	tax on imports and exports; in the U.S., export tariffs are unconstitutional	18
55677839	Protective Tariff	a high tariff established to protect a particular industry	19
55677840	Export	goods sold to buyers outside the country	20
55677841	Import	goods bought from sellers in other countries	21