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Activity 4A

How Do Economists Draw Conclusions From Sets of Data

TermDefinition
Economists People who study how goods and services are made and consumed.
Economic Development Refers to how advanced an economy is.
Developed Nations Countries with advanced economies.
Developing Nations Countries with lower standards of living and less advanced technologies.
Emerging Economies Countries moving from less to more developed economies.
Human Development Index A tool that is used to rank countries based on their level of economic development, their gender and social equality, and their quality of life.
International Trade The exchange of goods between countries.
Imports Goods from foreign countries brought into a country for use or sale.
Exports Goods and services sold by producers in one country to buyers in other countries.
GDP Per Capita The value of goods and services produced each year in a country by an average person.
Trade Surplus When a country's exports exceed its imports.
GDP The total value of all goods and services produced by people from a country in a single year.
Geographic Features Landforms and bodies of water.
Natural Resources Materials found in nature, such as mineral deposits, soil and oil reserves.
Average Life Expectancy How long the average person lives
Literacy Rate The percentage of people who can read and write.
birth rate Refers to the number of people born in a country in one year for every thousand people.
Subsistence Agriculture Growing just enough for a farmer's own family with little extra to sell on the outside market.
Created by: betsywellman