Social 10-2 Unit 4 Definitions

Front 1

Bottom Line

Back 1

in economics, the final profit or loss a company makes after expenses are paid

Front 2

Capital

Back 2

financial wealth; money available for investment

Front 3

Demand

Back 3

the desire and ability to buy a good or service

Example: When demand is high for a product, price rices. When demand for product is low, Price decreases.

Front 4

Ecological or Environmental footprint

Back 4

the amount of land and water area a person or human population needs to provide the resources required to sustain itself and to absorb its wastes, given prevailing technology.

Front 5

Economies Of Scale

Back 5

in industrial production, the idea that bigger is better.

Front 6

GDP Per Capita

Back 6

the average income of each person in a country, calculated by dividing the gross national product by number of people in the country.

Front 7

GINI Index

Back 7

a measurement of inequality of wealth distribution in a country

Example: The smaller the number, the more equal distribution of wealth.

Front 8

Gross Domestic Product

Back 8

the total value of goods and services produced within a country in a year

Example: In 1 Country

Front 9

Gross National Product

Back 9

the total value of all goods and services produced by a country in a year, including income from investments abroad

Example: National- More than one Country.

Front 10

Import

Back 10

goods that are brought from other countries

Front 11

Interdependance

Back 11

when people, organizations, groups, or nations depend on each other for survival

Front 12

Labour

Back 12

a measure of the work done by human beings

Front 13

Per Capita Income

Back 13

The average income of people in a country calculated by dividing the gross national product by the number of people in the country

Front 14

Perfect Competition

Back 14

the most competitive market possible, where the supply equals the demand

Front 15

Quality Of Life

Back 15

a measure of how good one's life is, including standard of living and other more difficult-to measure aspects of well being such as health, happiness, human rights and freedoms, environmental well-being, and creativity.

Front 16

Resource Depletion

Back 16

the process of reducing the total amount of a particular resource

Front 17

Standard Of Living

Back 17

a level of material comfort as measured by the goods and services available to an individual, group, or nation, including access to health care and education.

Front 18

Stewardship

Back 18

showing responsibility for or looking after something

Front 19

Supply

Back 19

the quantity of a good or service that a producer is willing to provide at a particular price.

Front 20

Sustainability

Back 20

the ability of something to last or continue without causing a negative impact on the future

Front 21

Sustainable

Back 21

something that can be maintained

Front 22

Sustainable Development

Back 22

economic development that can be maintained without depleting the world's resources and polluting the environment

Front 23

Trade

Back 23

the business of buying and selling or bartering commodities among individuals, organizations, or nations.

Front 24

Communisim

Back 24

an economic and political system based on government or communal ownership of wealth and property, where each person works for the good of everyone according to ability and receives back according to need.

Front 25

Conditionalities

Back 25

something that will be done only if something else is done first

Example: In terms of the IMF and the World Bank, conditionalities are actions that the governments of countries applying for loans must do before any money is given to them.

Front 26

Factors Of Production

Back 26

resources including land, labour, and capital that are used to produce goods and services.