Vocab Flashcards
United Nations
An international organization whose aim is cooperation in the law, security, and economic development
European Union
Political and economic of many European countries. With a central bank and common economic system(the euro), a primary purpose to form a single economic power
Traditional economy
Goods are traded without exchanging money
Command economy
Communism. Product is determined by central government
Market economy
Free enterprise production is determined by the demand and consumers
Mixed economy
Socalism. Mix of command and market economy
Primary
Raw materials
Secondary
Materials by changing their form
Tertiary
Business or professional services
Quaternary
Provide information, management education,government, research
Gross domestic product
The total value of goods and services in a country
Per capita
GDP divided by the total popultion
Human development index (HDI)
Measures poverty, literacy, education, life expectancy, and other factors
Literacy
The ability to read and write
Life expectancy
The average length of life
