Economic Geography Vocabulary Flashcards
Products that made to be sold
Goods
Work done for other people
Services
A person who makes products that are used by other people
Producer
A material or resource in its natural state
Raw Materials
The process of turning raw material into a finished product
Manufacturing
The freedom of private business to operates competitively for profit with minimal government regulation
Free Enterprise (Market)
Economic decisions are made by the central government
Ex. Communalism Socialism
Command
An economy in which producing buying and selling goods operated by the customs traditions and habits of the group
Traditional Economy
Gathers the raw material
Ex. Farming livestock raising
Agricultural Industry
Where raw materials are manufactured something useful
Ex. Auto parts
Wholesale Industry
Places where you can sell manufactured products
Ex. Clothing
Retail Industry
When some type of service is being provided to someone else
Ex. Receptionist, hotel clerk
Service Industry
Refers to the market value of all final goods and services produced within a country working a given period
Gross Domestic Product (GDP)
GDP divided by population
Gross Domestic Product per capita
A system for producing distributing and consuming goods and services
Economy
