• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

Card Range To Study



Play button


Play button




Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

46 Cards in this Set

  • Front
  • Back
mutual reliance between two or more groups

group are mutually dependent on the others


Germany, Japan, Norway, USA

More Developed

Brazil, Russia, India, China

(*BRIC/BRICS= + South Africa)

Newly Industrialized

Afghanistan, Iraq, Rwanda, Somalia

Less Developed

What was developed by the UN in 1990 that ranks countries based on their standard of living

Human Development Index

What does the HDI require

political indicators, demographic indicators, social indicators, determines levels of economic development.

what causes the consumer a consumer to buy domestic produced goods

Protective Tarriff

a protective tariff is a tax added to what to do what

a tax added to the price of a product to make it higher priced that domestically produced products

resources provided by nature that people can use to create goods and services

Natural Resources

all human labor that requires to produce something

Human Resources (planning,studying, working, training)

good created in order to create other goods and services (hammer, tractor, roads, phones, all infrastructure)

Capital Resources

Entrepreneurship is allowed in what economies and banned in what economies

allowed in capitalism, traditional, and socialism but banned in communism (command)

people who bring together and organize other productive resources (business owners, CEO)

Entrepreneurs (idea of Entrepreneurship)

the way a country manages what is vital to their economic success?

Their Resources, so it must be managed properly

Why is strong infrastructure so important?

to create goods using natural and human resources, it's vital because it transports goods

many companies that decide to move their factories to other countries where it will cost less to run and people work cheap


many countries maintain their factories in the US but purchase certain parts or services from foreign countries


what is the difference and similatities between offshoring and outsourcing

offshoring moves their factories to another country and run it thereto be more cost efficient, while outsourcing just receives parts or services from other countries

benefits of globalization

-internet provides communication and shared info

-economic development is easier w/ internet

-cultural diffusion w/out physical interaction

costs and problems of globalization

-pollution and diseases increase rapidly

-trade imbalances

-job spread causes fewer jobs needed to LDC

-bad thing to one= bad to all

life expectancy, birth and death rates, infant mortality rate

Demographic Indicators

Demo Ind: more developed has...

less developed has...


-life expectancy


-birth, death, infant morality

LD: opposite

GDP, GDP/capita, # of cars, phones, TV, computers/ person

Economic Indicators

literacy rates, % attending college, # of professionals, housing, water supply, sanitation

Social Indicators

freedoms people enjoy, degree of democracy and goverment oppresion, voting rights, *level of human rights, tolerance gov has for diff POV

Political Indicators

There is no direct relationship between ............. ......... and a nation's ...... .. ........

economic development, system of goverment

refers to how advanced an economy is

economic development

activities as collection goods, involving the production of foods and the extraction of resources

Primary activities

examples of primary activities are

growing crops, logging, fishing and mining

activities that processes and changes the forms of raw material, adding to it's value

Secondary activities

examples of secondary activities are

-logs cut into wooden planks and assembled into furniture

-iron ore changed into steel and shaped into railroad tracks

economic activities that deal with services

Tertiary activities

examples of tertiary activities are

-teachers who provide education

-doctors who provide their knowledge pf care to ppl

-lawyers who provide their services to serve justice

economic activities consisting of those involving information processing and managment

Quaternary activities

examples of quaternary activities are

computer programmer, manager of a company, CEO, researchers for diseases

Barter system

traditional economy

market or capitalism economy

free enterprise economy

planned or command economy


what are some examples of traditional economy

subsistent farming (agriculture), cottage industry, hunters, fishers

what are some examples of free enterprise economy

US, UK, Germany, France, Chile, Japan, Mexico, Singapore

*commercial agriculture and industries

what are some examples of communism other than a communist run factory

China, Soviet Union, Cuba, North Korea, and Vietnam

what are some examples of socialism

Sweden and Israel, most of western europe befor WW2, and India (1957-1991)

what happens in a traditional economy?

customs and traditions determine what produces, ppl free to be a part of legal buss., no private property, new ideas often discouraged

what happens in a free enterprise economy?

ppl have right 2 own priv prop, goods produced to meet ppl needs, able to start new buss, profits vital in supply-> demand

what happens in a communism economy?

all major decisions made by gov, priv prob abolished, all owned by gov, economy based on workers should share equality and cooperation, goal= classless society

what happens in a socialism economy

gov tries to end poverty by controlling nations resources, and providing servic., gov makes most decisions of pro and distib, major industry owned by gov, goal= fair distribu of income and ppl basic needs free or cheap