Government Economics Flashcards
(19 cards)
United Nations
An international organization whose aim is to cooperate in international law and peace
European Union
A political and economic union of many European countries
Traditional Economy
Goods are traded without exchanging money
Command Economy
Production is determined by central government
Market Economy
Free enterprise production is determine by demand
Mixed Economy
Socialism mix of command and market economies
Primary
Raw materials
Secondary
Materials that changed form
Tertiary
Business or professional services
Qua ternary
Provide information,management,education,government
GDP
The total value of goods and services
Per capita GDP
GDP divided by the total
HDI
Measures poverty,literacy,education etc
Literacy
The ability to read or write
Life expectancy
Average expected life length
Infant mortality rate
Number of deaths during first year of birth
Less developed
Low GDP and typically low HDI
Newly developed
Rising GDP and HDI literacy, income and life expectancy
More developed
High GDP and HDI literacy, income and life expectancy
