| A | B |
|---|
| Absolute Poverty | not enough money for basics such as food and water |
| Abundance | a surplus of food |
| Aid | toæprovideæsupportæforæoræreliefæto a country through money. |
| Budget | a plan on how money is to be spent |
| Capital Resources | Products made by people. Can be used again to make other goods. Examples include machines, tools, buildings. |
| Cash Crops | aæcropægrownæforæsaleæratheræthanæforæsubsistence |
| Class | your place in a social hierarchy |
| Colony | a country that is ruled by another country |
| Consumer | A person who uses resources, goods and services. |
| Debt | money owed |
| Demand | the amount of goods people want to buy |
| Developed Country | a rich country with established industry, plenty of resources |
| Developing Country | a poor country without established industry or lack resources |
| Discrimination | treating a group differently or unfairly because of a certain factor |
| Economic Depression | there are not enough jobs, there is a surplus of labour |
| Equilibrium | supply equals demand |
| Famine | a shortage of food |
| G.D.P. | Gross Domestic Product the total value of goods and services |
| Gender | male or female |
| Globalisation | The process of the world economy coming closer together |
| Goal | something you aim to achieve |
| Goods | merchandise that you can feel or hold |
| Human Development Index | A toolædevelopedæby the United Nations to measure and rank countries' levels of social and economicædevelopment based on four criteria: Life expectancy at birth, mean years of schooling, expected years of schooling and gross national income per capita. |
| Income | the money that you have and earn |
| Industrial Revolution | historic time when manufacturing become prominent |
| Infant Mortality | how many babies will die before they are 5 years old |
| Labour Resource | skills provided by people |
| Mass Production | The method of producing goods in large quanities at low cost per unit. |
| Natural Resource | Come from nature. Examples include land, water, oil, fish, scenery |
| Non renewable Resource | once used cannot be replaced, finite |
| Per Capita | by every individual person |
| Poverty Cycle | he "set of factors or events by whichæpoverty, once started, is likely to continue unless there is outside intervention". |
| Primary Resource | natural resource e.g. minerals, fish, forest |
| Productivity | how efficiently the workforce can produce goods |
| Renewable Resource | resource that can be renewed or there is a constant supply of |
| Resource | the wealth of a country or its means of producing wealth |
| Scarcity | not enough resources to meet peoples needs and wants |
| Services | useful functions done by people |
| Shortage | the quantity of supply is less than demand |
| Subsidy | a government payment used to keep prices low |
| Supply | the amount of goods available |
| Surplus | the quantity of supply is more than demand |
| Sustainability | able to be used without being completely used up or destroyed, or involving methods that do not completely use up or destroy natural resources |
| Tax | money paid on their income by people to the government |
| Trade | the action of buying and selling goods and services. |
| Trade Bloc | A group of countries protecting their trade interests. |
| Trade Co-operative | A cooperative is a private business organization that is owned and controlled by the people who use its products, supplies or services. |
| Voluntary | something you do for no money or reward |
| World Trade Organisation (WTO) | An organisation that helps nations form trade agreements and solve disputes. |
