Social Studies Review CRCT 7th Grade

Tariff refers to a tax imposed on goods by a nation with the aim of safeguarding its industries from foreign competition. This tax is levied on imported goods, making them more expensive and less competitive in the domestic market. By implementing tariffs, a nation can protect its own industries by reducing the price advantage of foreign goods, thereby encouraging domestic production and consumption.

The correct answer is "is a person who risks their own money to try to start a business." This definition accurately describes an entrepreneur, as they are individuals who take financial risks in order to establish and run their own businesses. They invest their own money and resources into their ventures, with the hope of achieving success and profitability.

The correct answer is "Gross-Domestic-Product with total value of all goods and services within a country and in a year." This is the standard definition of GDP, which is a measure of the total economic output of a country in a given year. It includes the value of all goods and services produced within the country's borders, regardless of whether they are consumed domestically or exported. GDP is an important indicator of a country's economic health and is used to compare the economic performance of different countries.

In a command economy, the central authority (government) is in charge and makes all economic decisions. This means that the government determines what goods and services are produced, how they are produced, and how they are distributed. The government controls all aspects of the economy, including setting prices, allocating resources, and determining wages. This type of economic system is typically associated with socialist or communist countries, where the government aims to achieve equality and social welfare through its control over the economy.

Market Economy refers to an economic system where consumers have the power to make decisions regarding the allocation of resources by purchasing goods and services that they require and desire. In this type of economy, individuals have the freedom to choose what to buy and from whom, based on their own preferences and needs. The market forces of supply and demand play a significant role in determining prices and the production of goods and services. This system promotes competition, innovation, and efficiency in the allocation of resources.

An embargo is an order designed to stop the movement of goods. It is a restriction imposed by a government or a group of countries on the trade of certain goods with a specific country or countries. The purpose of an embargo is to put economic pressure on the target country or countries, usually due to political disagreements or violations of international law. By stopping the movement of goods, the embargo aims to limit the target country's access to essential resources or to punish it for its actions.

Exchange rates refer to the procedure used to determine the value of one country's currency in relation to another country's currency. This procedure helps in establishing the exchange rate between two currencies, which is crucial for international trade and finance. It involves comparing the value of currencies based on various factors such as market demand, economic conditions, and government policies. By understanding exchange rates, individuals and businesses can determine the value of their currency in terms of another currency, facilitating international transactions and investments.

Traditional Economy refers to an economic system where economic activities are conducted based on customs, traditions, and rituals that have been practiced for generations. This means that the production, distribution, and consumption of goods and services are done in the same way as they have been done in the past, following established customs and traditions. This system is often found in rural and underdeveloped areas, where communities rely on agriculture, hunting, fishing, and other traditional practices for their livelihoods. Therefore, the correct answer is "Done as they have been done in the past, traditionally."

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