Economic Growth and Economy vocabulary

Front

The way in which goods and services are made, sold, and used in a country

Back

Economy

Front

An economy that depends on agriculture and bartering, where decisions are made based on traditions, customs, habits, or beliefs

Back

Traditional Economy

Front

An economy where the government makes the basic economic decisions

Back

Command Economy

Front

An economy where economic decisions are made by individuals, and individuals and businesses own most of the businesses and farms

Back

Market Economy

Front

An economy that has characteristics of both command and market economies

Back

Mixed Economy

Front

A range between the different economic systems

Back

Economic Continuum

Front

the total value of all the goods and services produced within a country in one year

Back

Gross Domestic Product (GDP

Front

How well or poorly a person or group of people live in terms of having their needs and wants met

Back

Standard of Living

Front

the amount of people in a country that can read and write

Back

Literacy Rate

Front

things needed to produce goods and services

Back

Factors of Production