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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


Goods sent to another nation


Goods brought from another nation


amount of income


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


Ability to read and write

life expectancy

Average # of years that someone lives


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


productive work


system where good are produced, distributed and used


spending money for goods or services


$ allocated for a certain purpose


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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