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| economics | the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind. |
| Traditional economies | An underdeveloped economy in which communities use primitive tools and methods to harvest and hunt for food, often resulting in little economic growth. Traditional economies are often found in rural regions with high levels of subsistence farming. Countries that evolve their economies past the traditional level often develop into market economies or command economies. |
| Primary economic activities | The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture, forestry, fishing, mining, and extraction of oil and gas. |
| Secondary economic activities | industrial sector includes those economic sectors that create a finished, tangible product: production and construction. Function[edit] This sector generally takes the output of the primary sector and manufactures finished goods. |
| Tertiary economic activities | The segment of the economy that provides services to its consumers. This includes a wide range of businesses including financial institutions |
| Quaternary economic activities | way to describe a knowledge-based part of theeconomy which typically includes services such as information generation and sharing technology |
| Free market/capitalism | a capitalist economic system where prices for goods and services are set freely by the forces of supply and demand and are allowed to reach their point of equilibrium without intervention by government policy. |
| Outsourcing | obtain (goods or a service) from an outside or foreign supplier, especially in place of an internal source. |
| Labor | work, especially hard physical work |
| Human capital | the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country. |
| Physical capital | In economic theory, physical capital is one of the three primary factors of production, also known as inputs production function. The others are natural resources (including land), and labor — the stock of competences embodied in the labor force. |
| Natural resources | materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain. |
| Non-renewable resources | A resource of economic value that cannot be readily replaced by natural means on a level equal to its consumption. Most fossil fuels, such as oil, natural gas and coal are considered nonrenewable resources in that their use is not sustainable because their formation takes billions of years. |
| Supply and demand | the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price. |
| More developed country | A developed country, industrialized country, or "more economically developed country" (MEDC), is a sovereign state that has a highly developed economy and advanced technological infrastructure relative to other less industrialized nations. |
| Monarchy (absolute) | a monarchical form of government in which the monarch has absolute power among his or her people. An absolute monarch wields unrestricted political power over the sovereign state and its people. Absolute monarchies are often hereditary but other means of transmission of power are attested. |
| Democracy | a system of government by the whole population or all the eligible members of a state, typically through elected representatives. |
| Monarchy (Constitutional) | a form of government in which a monarch is legally restricted within the boundaries of a constitution. This form of government differs from absolute monarchy, in which the monarch has absolute political power over the state is not effectively restricted by constitutional constraints. |
| Scarcity | insufficiency or shortness of supply; dearth. |
| Subsistence agriculture | self-sufficiency farming in which the farmers focus on growing enough food to feed themselves and their families. The typical subsistence farm has a range of crops and animals needed by the family to feed and clothe themselves during the year. |
| Cottage industry | a business or manufacturing activity carried on in a person's home. |
| Theocracy | a system of government in which priests rule in the name of God or a god |
| Totalitarian | a concept used by some political scientists in which the state holds total authority over the society and seeks to control all aspects of public and private life wherever possible. |
| Less developed country | a non industrialized or Third World country. |
| Manufacturing | make (something) on a large scale using machinery. |
| Goods | merchandise or possessions. |
| Services | the action of helping or doing work for someone |
| Land | the part of the earth's surface that is not covered by water, as opposed to the sea or the air. |
| Commercial Agriculture | the aggregate of manufacturing or technically productive enterprises in a particular field, often named after its principal product: the automobile industry; the steel industry. |
| Human Capital | the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country. |
| Dictatorship | government by a dictator,form of government where political authority is monopolized by a single person or political entity, and exercised through various oppressive mechanisms. |
| Communist | socioeconomic system structured upon common ownership of the means of production and characterized by the absence of social classes, money,[3][4] and the state; as well as a social, political and economic ideology and movement that aims to establish this social order |
| Socialist | any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods |
