Economic Vocabulary
A country that does not meet the basic needs of the people living there ...
Underdeveloped Country
This is an economic term for doing work...
Labor
Countries that have poor Healthcare, poor education, high birthrate have this level of development
Developing
Farming, Mining, Fishing, logging like your ancestors
Traditional Economic System
Activities that center on natural resources
Primary
A country that meets the basic needs of its people and is able to innovate...
Developed Country
An economic industry that produces food and other valuable cash crops
Agriculture
United States is an example of this type of development?
Developed
Communism Traditionally has this Economic System
Command
An automobile manufacturing plant
example of secondary economic activity
A type of economic system where businesses are free from the government and primarily respond to consumer demand...
Capitalist Economic System
We live in a world where there is not enough economic resources for everyone, we live in a world of...
Scarcity
The dollar value of goods and services produced in a country in one year
GDP
Free Enterprise can be found in these systems
Market and Mixed
Ability to own your own business/industry
Capitalism
An economic system where the government owns and controls only the essential industries in that country, while the other industries remain free...
Socialist Economic System
System has both economic freedom and government regulations
economic system
this reflects how well people live in a country
standard of living
The United States has this system
Mixed Economic System
the 5 economic activities
primary, secondary, tertiary, quaternary and quinary
This economic system is completely planned and operated by the government...
Communist Economic System
Hotels, banks, and restaurants are examples of this sector.
Tertiary Sector
This type of activity involves the direct use of natural resources.
Primary activity
Name all 4 economic systems?
Traditional, Command, Mixed or Market
This is an example of an economic activity at the Primary level?
Possible answers would include- Farming, Hunting, Fishing, Cottage Industries, Forestry, and Mining.