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Geography: Economics

Words To Know

Economic Activity All the things people do to try and make their lives better and more comfortable
Economic System The ways that societies make economic decisions about what to produce and how to distribute it
Material Wealth Goods and services that we can see and touch that make our lives better
Non-material Wealth Things that improve our lives but are difficult to touch or describe
Gross Domestic Product The total value of all good and services produced in a country in a year.
Capital Money used to promote economic activities
Labour The human effore that goes into producing goods and services
Colonization Establishing colonies in other parts of the world often by force
Commodity Anything that is bought or sold
Market The consumers who buy a good or service
Import Bringing a commodity into a country
Export Selling a commodity to another country
Created by: mayuri_648