Personal Finance 2 Flashcards
38% of people survive on $2 a day
True
refers to money, financial assets
Capitalism
A system of economies based on private ownership
Capitalism
The development and movement of goods and services
Chain of Production
Object that people can buy to satisfy their needs/wants
Goods
Any activity that is done with a fee
Services
Economics that combine command, market, traditional economies
Mixed economies
Goods/services a country sells to other countries
Exports
Economy where central government makes economic decisions
Command economy
An economy based on private ownership, free rate, competition
Market economy
Economy production based on tradition/customs
Traditional economy
A person or group that makes goods/services
Producers
Buys goods/services for personal use
Consumer
Average years a person is expected to live in a country
Life expectancy
The percentage in a country of people of the age of 15 and over who have the ability to write and read
Literacy rate
Countries with strong economies and high quality
Developed Countries
Total number of people in a given area
Population
An official population count (U.S.A is every 10 years)
Census
The amount of money that a household has available
Disposable Income
Not a Primary Sector
Build a home
Processing raw to finished
Secondary
Not part of tertiary
Farming
Process & distribute information
Quaternary
Economy commonly seen in communism/socialism
Command economy
GDP world wide leader who is well know (country)
U.S.A
How society manages resource to produce and distribute
Economies
Interactions between various countries
Globalization
Economic system based on public or collective ownership of resource/production
Socialism
Control amount of goods being used
Rationing
Total market value of goods and services produced by a country for a specific time period
Gross Domestic Product
