Government and Economics Flashcards
United Nations
an international organization whose aim is cooperation in international law, international security, economic development, human rights, social progress and achieving world peace.
European Union
A political and economic union of many European countries. With a central bank and common economic systems, a primary purpose is to for a single economic power to complete with the US, Japan, China, ect.
Traditional Economy
Goods are traded without exchanging money.
Command Economy
Communism. Production is determined by central government.
Market Economy
Free enterprise. Production is determined by the demand from consumers.
Mixed Economy
Socialism. Mix of command and market economy.
Primary
Raw materials
Ex: trees
Secondary
Materials by changing their form
Ex: Cars
Tertiary
Business or professional services
Quaternary
Provide info, management education, government, research
Gross Domestic Product (GDP)1
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
Measures poverty, literacy, education, life expectancy and other factors.
Literacy
The ability to read and write.
Life Expectancy
Average expected length of life
