Unit 3: Latin America
economics vocabulary
Time to learn
Start
Economics Vocabulary
Use this to help answer questions on page 10 of your Unit 3 INB.
You'll need a pencil and your focus to complete this activity. Are you ready?
Economics Vocabulary
Economics
Webster’s Dictionary defines economics as “a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services.” Our definition? Economics is a system in which people produce, sell, and buy things.
Economics vocabulary
scarcity
Scarcity is a shortage of something. There is not enough to go around for all who want the item. Doesn’t it stink when there is only one piece of apple pie left and there are three of you trying to eat it? That is scarcity.
Economics Vocabulary
Human Development Index (HDI)
The term HDI or Human Development Index is the ranking of countries based on economic indicators like literacy rate, GDP per capita, and life expectancy. **It’s like golf. The closer your ranking is to “0,” the better your ranking.** U.S. HDI Ranking: 17 out of 193 Iceland HDI Ranking: 1 out of 193
Economics Vocabulary
Gross Domestic Product per Capita (GDP per capita)
The GDP per capita or Gross Domestic Product per capita is the total value of all goods and services produced within a country in a year divided by the total population. It’s measured in dollars. The words “per capita” mean per person.
Economic vocabulary
developed
A country with a high GDP, all major types of industry, and high literacy rate.
Economic vocabulary
developing
When we use the term developing, we refer to a country that has mostly agricultural industry, lower GDP per capita, and lower literacy rates. These countries are working towards a higher economic level.
Economic Vocabulary
life expectancy
Life expectancy is defined as the number of years a person is expected to live. **Life expectancy is one factor used to determine a country’s HDI.**
Economic Vocabulary
literacy (adult literacy or education)
The term literacy rate refers to the number of adults in a country who are able to read and write. **Literacy rate is one factor used to determine a country’s HDI. We can think of literacy as evidence of education.**
What do I do on this assignment, and why is this important?
Introduction
You will be writing the definitions of economic terms that are a part of our unit of study in Latin America. (Completing page 11 of your Unit 3 INB) The reason to do this is because we will focus on economic development in the region. It helps to have background knowledge before jumping into the deeper stuff. Let’s begin.
+ info
economics vocabulary
agriculture
farming or ranching In a primary economy, most people are involved in agricultural work.
Economics Vocabulary
cash crops
farm crop grown for money People grow crops such as cotton, sugar cane, tobacco, and tea in a primary economy.
economics Vocabulary
Triangular trade
Trade between Africa, the Americas, and Europe It involved enslaved persons, manufactured goods, and raw materials traveling across the Atlantic Ocean.
Economic Vocabulary
manufacturing
Making and assembling a product in a factory Manufacturing jobs are the main source of employment in a secondary economy.
Economics vocabulary
mercantilism
Colonizing countries needed raw materials in indigenous people's land to make products to sell. It’s meant to maximize the exports (goods sold) and minimize the imports (goods bought) of a country.
economics vocabulary
trade-free zone
Trade laws that create a region where there are less taxes when trading between countries. An example of this is NAFTA, the North American Free Trade Agreement that exists between Canada, the United States, and Mexico. Another example is Mercosur, the Common Market in South America.
Module presentation
Mercantilism Video
Put your headphones on or use closed-captions to watch this video about mercantilism.
Check out this video about mercantilism!
Can you think of any other modern day examples?
+ info
economics Indicators Research
HDI Country Insights
Check out this website for the HDI rankings!
Research resource
CIA World Factbook
This is the website we use to research economic information about various countries in World Cultures & Geography.
Click the visual to go to the website.
What cool facts can you discover?
+ info
Well done
Lesson completed!
Back
What is economics, anyway?
Economics is a social science that helps us understand how people make choices. It looks at how we produce, share, and use goods and services. Think of it as studying how our world manages its resources.
Economics Vocabulary - Latin America
Mrs. Johnson
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Transcript
Unit 3: Latin America
economics vocabulary
Time to learn
Start
Economics Vocabulary
Use this to help answer questions on page 10 of your Unit 3 INB.
You'll need a pencil and your focus to complete this activity. Are you ready?
Economics Vocabulary
Economics
Webster’s Dictionary defines economics as “a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services.” Our definition? Economics is a system in which people produce, sell, and buy things.
Economics vocabulary
scarcity
Scarcity is a shortage of something. There is not enough to go around for all who want the item. Doesn’t it stink when there is only one piece of apple pie left and there are three of you trying to eat it? That is scarcity.
Economics Vocabulary
Human Development Index (HDI)
The term HDI or Human Development Index is the ranking of countries based on economic indicators like literacy rate, GDP per capita, and life expectancy. **It’s like golf. The closer your ranking is to “0,” the better your ranking.** U.S. HDI Ranking: 17 out of 193 Iceland HDI Ranking: 1 out of 193
Economics Vocabulary
Gross Domestic Product per Capita (GDP per capita)
The GDP per capita or Gross Domestic Product per capita is the total value of all goods and services produced within a country in a year divided by the total population. It’s measured in dollars. The words “per capita” mean per person.
Economic vocabulary
developed
A country with a high GDP, all major types of industry, and high literacy rate.
Economic vocabulary
developing
When we use the term developing, we refer to a country that has mostly agricultural industry, lower GDP per capita, and lower literacy rates. These countries are working towards a higher economic level.
Economic Vocabulary
life expectancy
Life expectancy is defined as the number of years a person is expected to live. **Life expectancy is one factor used to determine a country’s HDI.**
Economic Vocabulary
literacy (adult literacy or education)
The term literacy rate refers to the number of adults in a country who are able to read and write. **Literacy rate is one factor used to determine a country’s HDI. We can think of literacy as evidence of education.**
What do I do on this assignment, and why is this important?
Introduction
You will be writing the definitions of economic terms that are a part of our unit of study in Latin America. (Completing page 11 of your Unit 3 INB) The reason to do this is because we will focus on economic development in the region. It helps to have background knowledge before jumping into the deeper stuff. Let’s begin.
+ info
economics vocabulary
agriculture
farming or ranching In a primary economy, most people are involved in agricultural work.
Economics Vocabulary
cash crops
farm crop grown for money People grow crops such as cotton, sugar cane, tobacco, and tea in a primary economy.
economics Vocabulary
Triangular trade
Trade between Africa, the Americas, and Europe It involved enslaved persons, manufactured goods, and raw materials traveling across the Atlantic Ocean.
Economic Vocabulary
manufacturing
Making and assembling a product in a factory Manufacturing jobs are the main source of employment in a secondary economy.
Economics vocabulary
mercantilism
Colonizing countries needed raw materials in indigenous people's land to make products to sell. It’s meant to maximize the exports (goods sold) and minimize the imports (goods bought) of a country.
economics vocabulary
trade-free zone
Trade laws that create a region where there are less taxes when trading between countries. An example of this is NAFTA, the North American Free Trade Agreement that exists between Canada, the United States, and Mexico. Another example is Mercosur, the Common Market in South America.
Module presentation
Mercantilism Video
Put your headphones on or use closed-captions to watch this video about mercantilism.
Check out this video about mercantilism!
Can you think of any other modern day examples?
+ info
economics Indicators Research
HDI Country Insights
Check out this website for the HDI rankings!
Research resource
CIA World Factbook
This is the website we use to research economic information about various countries in World Cultures & Geography.
Click the visual to go to the website.
What cool facts can you discover?
+ info
Well done
Lesson completed!
Back
What is economics, anyway?
Economics is a social science that helps us understand how people make choices. It looks at how we produce, share, and use goods and services. Think of it as studying how our world manages its resources.