Government & Economics Flashcards
Secondary
Materials by changing their form ex. Steel to cars and cottage industries
Command Economy
Communism. Production is determined by a central government.
Market Economy
Free enterprise production is determined by the demand from consumers.
United Nations
An international organization whose aim is cooperation in international law, international security, economic development, human rights, social progress and achieving world peace.
Traditional Economy
Goods are traded without exchanging money (also know as bartering).
Less developed
Low GDP and typically, and low HDI literacy, income and life-expectancy
Mixed economy
Socialism mix of command and market economics
European Union
A political and economic union of many European countries. With a central bank and common economic systems (the euro), a primary purpose is to form a single economic power to compete with the US, Japan, China, etc.
Primary
Raw materials ex. Timber, subsistence farming
Quaternary
Provide information, management Education, Government Research
Literacy
The ability to read and write
Infant Mortality Rate
Number of deaths during the first year of life per thousand life births
Life Expectancy
Average expected length of life
Newly Developed
Rising GDP and HDI literacy, income and life-expectancy
More Developed
High GDP and HDI literacy, income and life-expectancy
