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Economics
World Geography - Summerville High School
Term | Definition |
---|---|
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 |