Key Terms Flashcards
(18 cards)
LIC
Low Income Country
NEE
Newly emerging Economy
HIC
High income country
GNI
gross national income
GDP
gross domestic product
HDI
Human development index
TNC
Transnational Corporation
FDI
Foreign Direct Investment
Import
Goods or services bought from another country
Export
Goods or services sold to another country
Trade deficit
When a country imports more than it exports
Trade surplus
When a country exports more than it imports
Informal economy
Economic activity that is neither taxed nor monitored by government
Formal economy
Economic activity that is taxed and monitored by government
Primary industry
Extraction of raw materials (farming, mining, fishing)
Secondary industry
Manufacturing and construction
Tertiary industry
Service sector (retail, healthcare, education)
Quaternary industry
Research, development, and information technology
