Unit 3 geography Economic terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Command economy | The production of goods and services is determined by a central government
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| Economic system | The way people produce and exchange goods and services
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| Economy | The production and exchange of goods and services among a group of people
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| Gross Domestic Product | The total value of all goods and services produced within a country in a given period of time
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| Gross National Product | The total value of all goods and services produced by a country over a year.
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| Infrastructure | The basic support systems needed to keep an economy going
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| Market Economy | The production of goods and services is determined by the demand from consumers
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| Natural Resources | Materials on or in the earth that have economic value
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| Per Capita Income | The average amount of money earned by each person in a political unit
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| Traditional Economy | Goods and services are traded without exchanging money
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| Mixed Economy | A combination of command and market economies
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| Renewable Resources | Resources which may be replaced through natural processes
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| Non-renewable resources | Resources which cannot be replaced once they have been used
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| Developing nations | Nations which have a low GDP and limited development on all levels of economic activities
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| Developed nations | Nations with a high per capita income and varied economy
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| Laissez Faire | A government policy to let businesses compete without restrictions
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| Hidden Economy | An economy where citizens trade one service for another to avoid taxation
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| Globalization | A set of processes that are increasing interactions, deepening relationships, and heightening interdependence without regard to country borders
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
jstraub
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