| A | B |
|---|
| economists | study how goods and services are made and consumed |
| sets of data | numerical information |
| natural resources | materials found in nature, such as soil or minerals |
| exports | goods and services sold by producers in one country to buyers in another country |
| imports | goods from foreign countries brought into a country for use or sale |
| birthrate | people born in a year per 1,000 people |
| mortality rate | how many people die in a year per 1,000 people |
| life expectancy | years an average person lives |
| literacy rate | what percentage of the population can read and write |
| GDP | total value of all goods and services produced by a country in a year |
| GDP per capita | tells the average income per person |
| subsistence agriculture | growing just enough to meet immediate family needs with little surplus |
| decision-making | involves making a choice about how to use resources |
| goods | things people make |
| services | actions people perform for others |
| economics | the study of how individuals, businesses, and countries make things, use things, earn, spend and save money |
| problem of scarcity | occurs because of unlimited wants and limited resources |
| traditional economy | based on custom and tradition |
| command economy | government tells people how to use resources and distribute goods |
| market economy | producers and consumers play an important role |
| human resources | using people to perform certain skills |
| capital resources | resources created by people to help them produce |
| specialization | concentrating on producing whatever is made best |
