Demography
The number of people per unit of land area.
Population Density
The branch of economics that studies the overall performance, and behavior of an entire economy.
Macroeconomy
The system by which goods and services are produced, distributed, and consumed.
Economy
A medium of exchange, unit of account and storage of value.
Functions of Money
Promote trade with minimal government intervention.
Free Market/Trade
The study of human populations and their characteristics.
Demography
Coefficient that indicates income inequality.
GINI Coefficient
Any place or system where buyers and sellers exchange goods and services.
The Market
A sustained rise in the general price level of goods and services.
Inflation
International organization that handles international trade disputes.
World Trade Organization
The average number of births per women.
Fertility Rate
The total value of all goods and services produced within a country in a given period.
GDP
The basic economic problem of limited resources and unlimited wants.
Scarcity
The officially recognized medium of exchange within a sovereign State.
National Currency
When imports exceed exports.
Trade Deficit
An inverted population pyramid means...
An aging population and low fertility rates.
Development that meets present needs without harming future generations.
Sustainable Development
Describes the self-regulating mechanism of markets.
Invisible Hand
How much of a unit of money can buy in goods and services.
Purchasing Power
Includes measures like quotas, licensing rules, and product standards.
Non-Tariff Barriers
Policy that limited the birth rate of China during the later part of the 20th century.
One Child Policy
The idea that trade will benefit everyone if States specialize in the areas where they are best.
Comparative Advantage
The use of government spending and tax policies to influence economic conditions, especially macroeconomic.
Fiscal Policy
The value of a currency compared to the value of another currency.
Exchange Rate
Use of government measures to restrict imports and protect domestic industries.
Protectionism