SS VOCAB Flashcards
Nations whose economy is demonstrating dramatic growth for both produces and consumers
Developing countries
Value of all goods and services produced by a country in one year: also includes goods made by citizens of that country in foreign affairs
Gross national product
Percentage of a country’s population that has the ability to read and write at or above grade level
Literacy rate
Goods and services that are produced in your own country that are sold to other countries
Exports
Value of goods and services produced only within a country’s borders GDP
Gross Domestic Product
the rate of change in the value of a specific metric across a given time period, expressed as a percentage
Growth rate
the dependence of two or more people or things on each other
Interdependence
goods which add to the stock of material resources of a country by entering its economic territory
Imports
the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price
Supply and demand
a financial metric that breaks down a country’s economic output per person and is calculated by dividing the GDP
Per captia gdp
an economic system in which private business operates in competition and largely free of state control
Free enterprise
an economy in which production, investment, prices, and incomes are determined centrally by a government
Command economy
the use of government spending and tax policies to influence economic conditions
Fiscal policy
having widely developed industries
Industrialized
raising of only one kind of crop on the same land over a long time
One crop economy
