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13 Cards in this Set
- Front
- Back
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Life Expectancy |
Number of years a person is expected to live in their lifetime |
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GDP Per Capita |
Total number of goods and services a country produces in a year divided by the total population |
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Infant Mortality Rate |
Number of babies who die before they reach the age of one |
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Free Trade Zone |
Area where trading can be done without tariffs or having to pay money. |
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Cottage Industry |
Making goods, like clothing, at home to support your family. |
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Economic System - Communism |
The central government makes all economic decision; No private property. |
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Economic System - Socialism |
Government controls all major industries with some private ownership/business allowed; "mixed economy". |
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Economic System - Traditional |
Decisions about the economy are based on tradition and customs; do what your ancestors have always done. |
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Economic System - Free enterprise/capitalism |
Little government interference, producers and consumers make decisions about the economy based on supply and demand; opportunity to make a profit drives people to risk their money; large selection of consumer goods. |
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Primary Economic Activities |
Involves extracting raw materials or agriculture (farming). |
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Secondary Economic Activities |
Involves taking a raw material and turning it into a usable product (manufacturing). |
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Tertiary Economic Activities |
Is providing a service (teacher, mechanic, doctor, salesperson, cashier). |
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Quaternary Economic Activities |
Involves research, development, and innovation (CEOs, professors, innovators). |
