World Geography: Economics Terms

The production and exchange of goods and services among a group of people.

• Gross National Product

• Natural Resources

• Economy

• Gross Domestic Product

The way people produce and exchange goods.

• Market Economy

• Traditional Economy

• Command Economy

• Economic System

A type of economic system in which families produce goods and services for their own use, with little surplus.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

A type of economic system in which production of goods and services is determined by a central government, which usually owns the means of production.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

A type of economic system in which production of goods and services is determined by demand of consumers.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

A type of economic system in which elements of one or more economic styles are used.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

A material on or near the earth, such as a tree, fish, or coal, that has economic value.

• Infrastructure

• Natural Resources

• Import

• Export

The basic support system needed to keep an economy going, including power, communications, transportation, water, sanitation, and education.

• Infrastructure

• Natural Resources

• Import

• Export

The average amount of money earned by each person in a political unit.

• Infrastructure

• Natural Resources

• Per Capita Income

• Export

The total value of all goods and services produced by a country in a period of time.

• Import

• Export

• Gross National Product

• Gross Domestic Product