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GSE Unit 8 Vocabular

GSE Unit 8 Vocabulary Review #2

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
Created by: jpkelley