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Topic 1 Lesson 7

Semester 1

TermDefinition
Productivity Amount of goods and services produced given amount of resources used
Gross Domestic Product (GDP) Total value of all goods and services produced given amount of resources used
Developing country Country with a less-productive economy and lower quality of life
Developed Country Country with a strong economy and a high quality of life
Development Country economic growth and quality of life
Free Trade Removal of trade barriers
Tariff Tax on imports or exports
Trade Barrier Something that keeps goods and services from entering a country
Comparative Advantage A society’s ability to produce most efficiently given all that products to could produce
Trade Exchanged of goods and services in a market
Created by: Amreader09
Popular Geography sets

 

 



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