The following rap covers all economics vocabulary that students will need to know for the entire school year! Hook: Imports and exports, imports and exports
Buying goods, selling goods, making money cause cash rules Verse 1: The economy, making money, going to work, buying, selling, trading everything Produce is to make, Distribute is to sell, Consume is to buy so we stay looking fly Ok, Gross Domestic Product better known as GDP is all the goods and services produced within a country Every society, has its own economy and a system that helps them provide the people with what they need A traditional economy is just like the name, it’s based on tradition and keeping things the same In a command economy the government controls, what is produced and sets the prices to be sold In a market economy consumers have the right to decide what is produced and what they want to buy If you take market and command and put them both together, you’ll have a mixed economy which makes trading better… Or maybe the best, put your goods to the test, can they beat all the rest? No time for rest, use that time to invest and from there you’ll progress From the U.S. to Canada from Canada to Mexico all across the globe, consumers trying to get to those... ~Back to the Hook~ Verse 2: Different countries specialize in making different products from oil, gas, food, diamonds even electronics Specialization is when a country makes certain products best and uses them to trade In order to trade, internationally, you must exchange your currency which is another name for money But HOLD UP!.....you might run into an issue,different trade barriers can stop trade with you A tariff is a tax placed on imported products to make them more expensive and protect local business A quota sets a limit on how much can be imported and also produced so local products can be used. An embargo's when a country stops trading with another to hurt their economy so it can’t recover There are a few more things that I think you should know, like factors that help the economy grow: Business, training, and literacy Technology, factories, and machinery All of this affects jobs and the GDP This is everything to know about the ECONOMY!
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AuthorVanessa Ellis has been teaching middle grade social studies for 7 years. She is the 2017 Georgia Economics Teacher of the Year and a teacher leader in Muscogee County. She loves to teach and have FUN while doing it! Who says social studies has to be boring? Archives
March 2017
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