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WorGeoUnit5

Economics

TermDefinition
Gross Domestic Product (GDP) Total value of goods and services produced within the borders of a country during a specific time period, usually one year
Globalization Idea that the world is becoming increasingly interconnected on a global scale such that smaller scales of political and economic life are becoming obsolete
Industrial Revolution rapid economic & social changes in manufacturing that resulted after the introduction of the factory system to the textile industry
Postindustrial Economy with less emphasis on heavy manufacturing and more emphasis on services and technology
Commodities Goods produced for sale
Trade Deficit Spending more money on imports than earning from exports
Trade Surplus Earning more money on export sales than spending on imports
Outsourcing Practice of sending out industrial processes to outside companies, especially to foreign countries
Service Industry Business that provides assistance instead of making a good
Developing Countries Country in the process of becoming industrialized
Renewable Resource Any resource replaced by natural processes more quickly than it is consumed
Created by: ddenson80