Economic Arabic Flashcards

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Economic System

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The way a country organizes and distributes goods, services, and resources.

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Quality of Life

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The standard of health, comfort, and happiness experienced by an individual or group.

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Globalization

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The process by which businesses operate on an international scale.

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Free Enterprise (Capitalist Economy)

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A system characterized by private (citizen) ownership of businesses and property.

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Command Economy (Communist Economy)

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A system in which the government is in complete control of the economy.

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Socialist Economy

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A system of shared ownership of resources; it aims to provide equal distribution of goods and services.

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Traditional Economy

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A system based on the customs and traditions of the past

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Life Expectancy

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The number of years a person can expect to live

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GDP Per Capita

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The total goods and services per person

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Literacy Rate

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The percentage of a country’s people who can read and write