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GSE Unit 8 Vocabular
GSE Unit 8 Vocabulary Review #2
Term | Definition |
---|---|
wage – | term for one’s financial earnings |
economic continuum – | a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100) |
mixed economy – | term used to describe the market/command/traditional blending of all modern world economies |
human capital – | the knowledge, skills, and relative health of a nation’s labor force |
literate – | able to read and write in one’s native language |
literacy rate – | the percent of a nation’s population over the age of 15 who are able to read and write |
GDP per capita – | the average annual income of a nation’s citizens; per capita is Latin for “by each head” |
gross domestic product (GDP) – | the estimated total value of all the final goods and services produced in a nation in a year’s time. |
capital goods – | the factories, machinery, technology, etc. that are necessary to sustain a service or industry |
natural resource – | a material on or in the earth that has economic value |
entrepreneur – | those who risk their own money and resources to create a new business or service |
private sector – | the part of the economy owned and operated by private citizens |
profit – | as a verb, to gain financially; as a noun, the economic gains of a business |
public sector – | the part of the economy owned and operated by the national government |
subsistence – | producing only what is necessary for personal use/survival |
traditional economy – | an economic model governed by custom, habit, and history |