Business Chapter 22 Flashcards
Disposable income
The amount of money a household has available to spend and save after paying taxes
Economic growth
an increase in country’s productive capacity
Emerging economies
The economies of developing countries where there is rapid growth, but also significant risk
Employment
People in paid work
Human Development Index ( HDI )
A collection of statistics that are combined into an index, ranking countries according to the human development
Income elastic
The percentage change in demand for a product is proportionately greater than the percentage change in income
Literacy rate
The percentage of adults (over 15) who can read and write
Per capita
For each person ; in relation to people taken individually
PPP $
Are the rates of currency conversion that adjust the purchasing power of different currencies by excluding the differences in price levels between countries
Primary sector
The area of production involving the extraction of raw materials from the earth
Tertiary sector
The production of services in the economy
Unemployment
The number of people who are not in work but are actively seeking a job
