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Economics

World Geography - Summerville High School

TermDefinition
Economics knowledge concerned with the production, consumption, and transfer of wealth
Hinterlands Market Area
Mercantilism belief in the benefits of profitable trading
Imports Brining goods into "Flexico"
Exports Sending goods to "Flexico"
Consumption Using products like squatty potty
Traditional Economy traditions, customs, and beliefs shape the goods services
Command Economy Evil...Pure Unadulterated Evil!
Market Economy "Laissez Faire"
Mixed Economy Free Market and government interference
Minimum Wage lowest wage permitted by law (Grandma should be arrested for violating)
Human Development Index Ranking nations on income, life expectancy, and education
Tertiary Sales sector of economy
Secondary Production sector of economy
Primary Natural resources sector
Capital the money
Globalization interconnected marketplace throughout the world
Land, Labor, Capital Needed to start a business
Positive government inference Minimum Wage, Child Labor Laws, testing harmful products in kittens and puppies first
Created by: jpresson