click below
click below
Normal Size Small Size show me how
Social studies 2
Economic systems
Term | Definition |
---|---|
Globalization | The development of a world economy based on free trade and the use of foreign labor. |
Literacy rate | The percentage of people who can read and write. |
Gross domestic product (GDP) | The total value of all goods and services produced in a country in a given year. |
Communism | A system of government in which a single political party controls the government and the economy. |
Life expectancy | The average period that a person may expect to live. |
Capital | A country's wealth and infrastructure. |
Socialism | A system of government in which the government controls economic resources. |
Manufacturing | The use of machines to make raw materials into usable products. |
Developing nations | Countries with a low per capita GDP |
Industry | The organized action of making of goods and services For sale |
Developed nations | Countries with a high per capita GDP |
Per capita GDP | Is the GDP divided by the countries population. |
Services industry | Provides services such as, baking, transportation, and police protection. |
Wholesale industry | Sells goods to another business for them to sells to the consumer. |
Retail industry | Business that sells goods to the consumer. |
Capitalism | Production and distribution of goods and services is based on private ownership. |
Mixed | A combination of economic systems where both the government and citizens control aspects of buisness. |