Economic Vocabulary Review

These are businesses that supply the economic system.

• Economic Consumer

• Developed Country

• Economic Producer

• Traditional Economy

An economic system combining private and public enterprise.

• Mixed Economy

• Communisms

• Command Economy

• Traditional Economy

An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

• Communism

• Gross Domestic Product

• Developing Country

• Capitalism

The total value of goods produced and services provided in a country during one year.

• Command Economy

• Developed Country

• Gross Domestic Product

• Economic Producer

The one who pays to consume the goods and services produced.

• Economic Producer

• Market Economy

• Gross Domestic Product

• Economic Consumer

An economy in which production, investment, prices, and incomes are determined centrally by a government.

• Command Economy

• First Level Economic Activity

• Market Economy

• Capitalist

The manufacturing of natural resources.

• Tier 1 Economic Activity

• Traditional Economy

• Tier 2 Economic Activity

• Communism

Economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces.

• Traditional Economic System.

• Tertiary Level

• Mixed Economic System

• Developing Country

A sovereign state that has a developed economy and advanced technological infrastructure relative to other less industrialized nations.

• Developing Country

• Gross Domestic Product

• Tier 1 Economic Activity

• Developed Country

Economic activity having to do with natural resources.

• Tertiary Economic Activities

• Level 1 Economic Actives

• Developing Country

• Command Economy