1 Flashcards
Traditional Economy
Goods are traded without exchanging money (also known as bartering
Europe union
a political and economic union of many European countries. With a central bank and common economic system (the euro), a primary purpose is to form a single economic power to compete with the US, Japan, China, etc.
United Nations
an international organization whose aim is cooperation in international law, international security, economic development, human rights, social progress and achieving world peace.
Command Economy
Communism. Production is determined by a central government
Market Economy
Free Enterprise Production is determined by the demand from consumers
Mixed Economy
Socialism Mix of command and market economies.
Primary
Raw materials ex. Timber, subsistence farming.
Secondary
Materials by changing their form ex. Steel to cars and Cottage Industries.
Tertiary
Business or professional services ex. Wal-Mart, Chili’s, Dr. office, Copy Shop.
Quaternary
Provide information, management Education, Government, Research.
Gross Domestic Product (GDP)
The total value of goods and services produced in a country in a year.
Per Capita GDP
GDP divided by the total population.
Human Development Index (HDI)
Measures poverty, literacy, education, life-expectancy, and other factors.
Literacy
The ability to read and write.
Life Expectancy
Average expected length of life.
