Vocab Flashcards
United Nations
an international organization whose aim is cooperation in international law, international security, economic development, human rights, social progress and achieving world
Eruopean Union
a political and economic union of many European countries. With a central bank and common economic system (the euro), a primary purpose is to form a single economic power to compete with the US, Japan, China, etc.
Traditional ecoomny
Goods are traded without exchanging money
Command ecomny
Communism. Production is determined by a central government
Market ecomny
Free Enterprise Production is determined by the demand from consumers
Mixed ecomny
Socialism Mix of command and market economies
Primary
raw materials ex. Timber, subsistence farming
Secondary
materials by changing their form ex. Steel to cars and Cottage Industries
Tertiary
business or professional services ex. Wal-Mart, Chili’s, Dr. office, Copy Shop
Quaternary
provide information, management Education, Government, Research
Gross demotic product
the total value of goods and services produced in a country in a year.
Per Capita
GDP divided by the total population
Human Development Index
measures poverty, literacy, education, life-expectancy, and other factors.
Literacy
the ability to read and write
Life Expectancy:
average expected length of life
