| A | B |
|---|
| Agriculture | farming and ranching |
| Capital Resources | goods used to make other goods and services |
| Capitalism | Another term for a Free Enterprise system |
| colonialism | when one country takes over or occupies another country |
| GDP per capita | total value of goods and services PER PERSON |
| Gross Domestic Product (GDP) | total value of goods and services |
| literacy rate | percentage of people who can read & write |
| infant mortality rate | number of babies per 1,000 that don't survive |
| life expectancy | average age someone can expect to live |
| population rate | rate of growth of population |
| less developed | poor country, third world, the "have nots" |
| more developed | wealthier country, first world, the "haves" |
| communist system | economic system where the government owns and operates all businesses |
| cottage industry | small home business found in a traditional economy |
| demand | amount of goods and services that consumers want |
| economic development | how advanced an economy is |
| economic system | way in which an economy is set up in a particular country |
| entrepreneurship | innovators, risk-takers whose bring together and organize an idea |
| European Union | group of countries in Europe brought together for economic trading purposes |
| export | goods and services sold from one country to other countries |
| factors or production | all the productive resources needed to run a business |
| Free Enterprise System | Economic system in which businesses and consumers set the price - profit and competition are important |
| globalization | creation of a single global community where we rely on each other for goods and services |
| goods | things that people can buy such as food, computers and toys |
| Human Development Index (HDI) | tool created by the United Nations to measure a country's level of economic development |
| Human Resources | all the workers (labor) needed to provide goods and services |
| imports | goods from foreign countries brought into a country for use or sale |
| industry | a form of economic activity |
| interdependence | relying on one another for goods and services |
| manufacturing | the making or creation of a good |
| Natural Resources | resources provided by nature to produce a good or service |
| Needs | what you have to have to survive |
| NAFTA | Alliance of North American countries with the goal of economic trading |
| profit | the amount of money made off of a good or service (price less the cost) |
| retail | any place a consumer can buy something directly off a shelf |
| scarcity | the condition of having unlimited wants, but limited resources |
| shortage | having too little of a good or service |
| Socialist system | Government owns and operates basic industries, but some free enterprise is allowed |
| subsistence agriculture | making just enough food to get by |
| supply | the amount of a good or service a company is willing to sell at a certain price |
| surplus | having too much of a good or service |
| terrain | type of landforms a country has |
| trade | exchange of goods and services between countries |
| Traditional economic system | people meet their needs according to what their ancestors have done |
| transportation barrier | a natural barrrier that blocks or slows the way of transportation |
| transportation corridor | geographic areas between two points, linking multiple cities and moving goods |
| wants | things you don't have to have to survive |
| wholesale | companies that sells goods to retail companies - don't allow consumers to buy directly from them |
