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Globalization and the Economy

Imports To buy resources or goods from another country
Developed A country that has a mix of agriculture and a great deal of manufacturing and service industry (USA, Japan, Australia)
Developing A country that has little industry and is mostly agricultural(Ethiopia, Afghanistan)
Profit Motive The driving force that encourages the increase in wealth
GDP (Gross Domestic Product) Total value in dollars of all the final goods and services produced in a country during a single year
Globalization Individual economies rely on each other for resources and markets
Tariffs Taxes on imported goods
Export To sell resources or goods to another country
Inflation Increase in prices over a period of time
Profit Money a business earns after all expenses have been met
Investment Money committed in order to gain a profit
Command In this type of economy the government controls the buying and selling of goods.
Market In this type of economy the individuals control the buying and selling of goods.
Mixed In this type of economy the government has some involvement in the economy but individuals decide what goods to buy and sell.
Traditional This type of economy is based on bartering and trading
GDP per Capita When you take the GDP and divide it by the population of the country
HDI (Human Development Index) Used to determine the social and economic development levels of countries
Renewable Resource Water, sun, wind, air, soil, crops, and trees
Nonrenewable Resource Coal, oil, diamonds, salt, iron-ore and copper
Created by: 1235877691