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Economic Indicators
Term | Definition |
---|---|
Life expectancy | the average time period a person can expect to live in a country |
Literacy Rate | The percentage of people in a country who can read and write |
Gross Domestic Product (GDP) | the total value of all goods and services produced with a country in a single year |
Resource Industry | Country relies mostly on natural resources |
Manufacturing Industry | Country relies mostly on production of goods in factories |
Service Industry | Country relies mostly on intangible goods and offering services |
Standard of Living | A measure of the wealth, comfort, material goods and services available to a person |
GDP per Capita | the value of all goods and services produced within a country per person in a country |
Health Care | How the people in a country are cared for EX: Physicians per 10,000 people |
Developed Country | A country with strong economic activity, higher GDP per capita & higher standards of living. |
Developing country | A country with less economic activity, lower GDP per capita & lower standards of living. |