Unit Three Vocabulary 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 a central bank and common economic system (the euro), a primary purpose is to form a single economic power to compete with the US, Japan, China, etc.
Traditional Economy
Goods are traded without exchanging money (also known as bartering)
Command Economy
Communism. Production is determined by a central government
Market Economy
Free Enterprise Production is determined by the demand from consumers
Mixed Economy
Socialism Mix of command and market economies
Primary
raw materials ex. Timber, subsistence farming
Secondary
materials by changing their form ex. Steel to cars and Cottage Industries
Tertiary
business or professional services ex. Wal-Mart, Chili’s, Dr. office, Copy Shop
Quaternary
provide information, management Education, Government, Research
Gross Domestic Product GDP
the 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 (HDI)
measures poverty, literacy, education, life-expectancy, and other factors.
Literacy
the ability to read and write
Life Expectancy
average expected length of life
