Government & 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 economical union of many European Countries with a central bank and common economic system and it’s primary purpose is to form a single economic power to compete with US, China, and Japan.
Traditional Economy
Goods traded without exchanging money
Command Economy
Production is determined by a central government
Market Economy
Free enterprise production determined by demand from consumers
Mixed Economy
Socialism mix of command and market economics
Primary
Raw materials
Secondary
Materials changed to another form
Tertiary
Business or professional services
Quaternary
Provide information, management, education, government, and research
Gross Domestic Product
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
Ability to read and write
Life Expectancy
Average life length
