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Unit 3 Economic term

Unit 3 geography Economic terms

Command economy The production of goods and services is determined by a central government
Economic system The way people produce and exchange goods and services
Economy The production and exchange of goods and services among a group of people
Gross Domestic Product The total value of all goods and services produced within a country in a given period of time
Gross National Product The total value of all goods and services produced by a country over a year.
Infrastructure The basic support systems needed to keep an economy going
Market Economy The production of goods and services is determined by the demand from consumers
Natural Resources Materials on or in the earth that have economic value
Per Capita Income The average amount of money earned by each person in a political unit
Traditional Economy Goods and services are traded without exchanging money
Mixed Economy A combination of command and market economies
Renewable Resources Resources which may be replaced through natural processes
Non-renewable resources Resources which cannot be replaced once they have been used
Developing nations Nations which have a low GDP and limited development on all levels of economic activities
Developed nations Nations with a high per capita income and varied economy
Laissez Faire A government policy to let businesses compete without restrictions
Hidden Economy An economy where citizens trade one service for another to avoid taxation
Globalization A set of processes that are increasing interactions, deepening relationships, and heightening interdependence without regard to country borders
Created by: jstraub