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Social studies 2

Economic systems

TermDefinition
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.
Created by: Cchavez77
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