9th grade global studies

22 terms by 46ryan46 

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Economics Vocabulary

infant mortality rate

# people dying between birth and 1 year old

per capita

average per person

poverty line

minimum income level to survive

export

Goods sent to another nation

import

Goods brought from another nation

revenue

amount of income

inflation

increase in price of goods and services

Gross Domestic Product

Total value of goods and services produced by a nation

population density

# of people per land area

external debt

$ owed to creditors outside the nation

literacy

Ability to read and write

life expectancy

Average # of years that someone lives

unemployment

Workers not fully used b/c no appropriate jobs are available

labor

productive work

economy

system where good are produced, distributed and used

expenditures

spending money for goods or services

budget

$ allocated for a certain purpose

market

Business activity where goods and services are bought and sold

market Economy

an economy that relies on tradeing/selling

Mixed economy

elements of both public and private enterprize

Command Economy

Government makes all decisions

Traditional Economy

People make all the good sthey need for themselves

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