Basic Economic Terms Part 1

the level of wealth and material comfort available in a country.

• wealth index
• standard of living
• standard of wealth
• living index

the materials or substances that come from nature, including minerals, water, forests, and fertile land

• natural wealth
• financial resources
• material wealth
• natural resources

An economy that has characteristics of both market and command economic systems. Most countries have this type of economy.

• traditional
• command
• market
• mixed

an economy in which most of the economic decisions are based on customs and habits of the past passed down from generation to generation.

• traditional
• command
• market
• mixed

an economy in which most of the economic decisions are made by government planning groups. There is strict government control and regulations.

• traditional
• command
• market
• mixed

An economy that has characteristics of both market and command economic systems. Most countries have this type of economy.

• traditional
• command
• market
• mixed

The value of all the final goods and services produced within a nation in a given year; used to measure a country's economic growth.

• Total Domestic Product (TDP)
• Gross Domestic Product (GDP)
• Total Goods and Services (TGS)
• Gross Goods and Services (GGS)

Creative, original thinkers who are willing to take risks to create new businesses and products.

• consumers
• Risk-taker
• entrepreneur
• producers

the inability to produce everything people need and want.

• poverty
• wealth
• scarcity
• abundance

the percentage of adults who can read and write

• literacy rate
• reading ability
• literacy percentage
• reading percentage