unit 3 gov and Econ. 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 central bank and common economic system (euro), a primary purpose is to form a single economic power to compete with u.s. Japan, China, etc.
Traditional economy
Goods are traded without exchanging money (bartering)
Communism. Production is determined by a central government.
Command economy.
Market economy
Free enterprise. Production is determined by the demand from consumers.
Socialism. Mix of command and market economies.
Mixed economy.
Primary.
Raw material. Ex. Timber, subsistence farming.
Secondary
Materials by exchanging their form. Ex. Steel to cars and cottage industries.
Tertiary.
Business or professional services. Ex, wal-mart, chilies, dr. Office.
Quaternary
Provide information, management education, government, research.
The total value of goods and services produced in a country in a year.
Gross domestic product (GDP)
Per capita GDP
GDP divided by the total population.
Human development index (HDI)
Measures poverty, literacy, education, life-expectancy, and other factors.
The ability to read and write
Literacy
Life expectancy
Average expected length of life.
