Definitions
Definition of ECONOMICS
Economics is a social science concerned with the production, distribution, and consumption of goods and services.
It is an economic and political system where the community or state owns the general means of production (i. e. farms, factories, tools, and raw materials.)
Everything in society is made by the cooperative efforts of the state with the help of its people and citizens.
Socialism
The United States is an example of a __________ economy.
Capitalist
Define Capitalism
Economic system in which private individuals or businesses own capital goods
The price of bananas in Mexico is an example of
Microeconomics
Define Surplus
The amount of an asset or resource that exceeds the portion that's actively utilized.
Persons involved in the production of goods and services.
Employment
3 examples of moderately developed countries.
Mexico, China, Indonesia, Jordan, Thailand, Fiji, and Ecuador.
Define Economic Inequality
Concept that not everyone has the same economic resources, such as money, houses, cars, and other assets.
The combined populations of these countries accounted for around 1.3 billion people.
Developed countries
Define Crisis and say how it is manifested
A sharp deterioration in the economic state of the country
It is manifested in a significant decline in production,bankruptcy of enterprises, and rising unemployment.
Income per capita is higher than 12,000.
More industrialized, low illiteracy, good health and education services, etc.
Developed countries
North Korea is an example of...
Communism
Define Devaluation
The deliberate downward adjustment of a country's currency value.
____________ deals with Inflation rated and GDP.
Macroeconomics
Explain Communism
A form of socialism that abolishes private ownership.
Individual people do not own land, factories, or machinery. Instead, the government or the whole community owns these things. Everyone is supposed to share the wealth that they create.
There is no freedom of religion
An increase in the production of goods and services in an economy.
Growth
Where can less developed countries be found?
eastern, western, and central Africa, India, and other countries in southern Asia.
Define per capita Income
The measure of the amount of money earned per person in a nation or geographic region
Formula to calculate the Per Capita Income
total national income for a country divider by the number of people that live in the country.
Define Macroeconomics
Macroeconomics is a branch of economics that studies how an overall economy behaves —the market systems that operate on a large scale—
Low level of development _ provide the concept
Underdevelopment
Income per capita is lower than 1,000
0.8 billion of people belong to this group.
People barely survive.
Less developed country
Microeconomics studies the decisions of individuals and firms to allocate resources of production, exchange, and consumption.
It deals with prices and production in single markets and the interaction between different markets.
It is often used as a measure of the health of the economy.
Unemployment