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17 Cards in this Set
- Front
- Back
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Economics
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All activities and ways that people do to earn money. Example: People going to work, making things, buying things, selling things and trading services.
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Gross National Product
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Is the value of goods and services that a country provides in year.
USA:15,860,000,000,000 |
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Gross domestic product
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All the goods and services produced in a country for one year.
Does not indicate actual income of people. |
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Industrialized Country
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They are the most wealthiest country's. They rely mostly on industry rather then agriculture
High Literacy Rates and Most people live in cities. Access to: Health care, Technology, Education, Jobs, and Luxury Items. |
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Literacy Rate
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The percentage of people who can read and write.
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Developing Country
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They have some industry but still rely on Agriculture.
People looking for work in crowded cities. Low levels of Education. Little access to health care and technology. |
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Third World Country?
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Focus mostly on agriculture.
Lack access to ed, health care, technology, Jobs and luxury items. |
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Free Enterprise
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The production and distribution of goods and services. Operates freely in a free Market economy.
Characteristic: is CHOICE |
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Market Economy
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Businesses owners and customers make decisions on what to make, sell, and buy.
Characteristic is Competition |
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Command Economy
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the Government decides what, and how much of products will be produced.
They provide order |
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Traditional Based Economy
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Is based on customs and traditions.
Economic Activities based on laws, rituals, religious based, or habits created a long time ago. |
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Mixed Economy
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A country has at least 2 types of economy's .
Most countries have this type of Economy. Example is USA: the have a market economy but the Government still regulates or controls part of it. |
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Interdependence
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When country's depend on each other for resources.
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Overpopulation
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to many people and not enough resources to support them.
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Migration
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People constantly moving.
One Person or a Group migrate either for a short period of time or permanently. |
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Savings
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Is income not Spent or differed consumption. Generally you would put this in a Bank.
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Investing
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The act of committing money to an endeavor with the expectation of obtaining an additional income or profit.
I would use the Stock Market to invest. |
