Economic Systems and Disparity Vocabulary

the performance of any duties or work for another; helpful or professional activity. activity that is intangible, is not stored and does not result in ownership

• services
• needs
• goods
• scarcity

1. What to produce? 
2. How to produce it? 
3. How much to produce? 4. Who gets what is produced?

• primary economic activity
• factors of production
• secondary economic activity
• tertiary economic activity

a material that satisfies human wants and provides utility, for example, to a consumer making a purchase. A common distinction is made between them and services is that they are tangible property

• wants
• needs
• goods
• services

portion of the economy that is concerned with receiving raw materials and transforming (manufacturing) them into serviceable items, properties or other goods

• quarternary economic activity
• secondary ecnomic activity
• tertiary economic activity
• primary economic activity

goods or services that are required. This would include  food, clothing, shelter and health care

• goods
• needs
• wants
• scarcity

a broad statement or an idea that applies to a group of people or things. Often times, not entirely true, because there may be examples of individuals or situations wherein it does not apply.

• generalization
• per capita income
• literacy rate
• scarcity

the percentage of people who are able to read and write in their primary language vs those who are not.

• literacy rate
• services
• scarcity
• generalization

one of the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period; you can think of it as the size of the economy.

• more developed country (MDC)
• gross domestic product (GDP)
• less developed country (LDC)
• factor of production

country whose national economy has transitioned from being primarily based in agriculture to being primarily based in goods-producing industries, such as manufacturing, construction, and mining, during the late 20th and early 21st centuries. Also trades more with other countries and has a higher standard of living than (LDC) developing countries. However, it has not yet reached the level of economic advancement of (MDC) developed countries and regions such as the United States, Japan, and western Europe.

• more developed countries (MDC)
• generalization
• newly industrialized countries (NIC)
• less developed countries (LDC)

built upon traditions, customs, and beliefs, often based on one or a few of agriculture, hunting, fishing, and gathering. Barter and trade is often used in place of money

• per capita income
• traditional economy
• command economy
• life expectancy