Economics Vocab Review

life expectancy

• The average number of years a person is expected to live.
• The percentage of people who are able to read and write.
• A country with less economic activity, lower incomes, and lower standards of living.
• A measure of the wealth, comfort, material goods, and necessities available to a person.

developed nation

• A country with lots of economic activity, higher GDP per capita and higher standards of living.
• The percentage of people who are able to read and write.
• The number of unemployed people divided by the number of people in the labor force.
• To be extremely poor; living without enough money, possessions, or means of support.

literacy rate

• The percentage of people who are able to read and write.
• The average number of years a person is expected to live.
• The total value of all the goods & services produced by a country during a specific time period (usually a year).
• A measure of the wealth, comfort, material goods, and necessities available to a person.

standard of living

• A measure of the wealth, comfort, material goods, and necessities available to a person.
• The average number of years a person is expected to live.
• The percentage of people who are able to read and write.
• To be extremely poor; living without enough money, possessions, or means of support.

Gross Domestic Product (GDP)

• The total value of all the goods & services produced by a country during a specific time period (usually a year).
• The percentage of people who are able to read and write.
• The number of unemployed people divided by the number of people in the labor force.
• A measure of the wealth, comfort, material goods, and necessities available to a person.

GDP per capita

• The value of goods & services produced per person in a country; it is used to estimate standard of living.
• A country with less economic activity, lower incomes, and lower standards of living.
• The total score of life expectancy, education, and per capita income indicators, which are used to rank countries.
• To be extremely poor; living without enough money, possessions, or means of support.

developing nation

• A country with less economic activity, lower incomes, and lower standards of living.
• The value of goods & services produced per person in a country; it is used to estimate standard of living.
• The number of unemployed people divided by the number of people in the labor force.
• To be extremely poor; living without enough money, possessions, or means of support.

unemployment rate

• The number of unemployed people divided by the number of people in the labor force.
• A country with less economic activity, lower incomes, and lower standards of living.
• The total score of life expectancy, education, and per capita income indicators, which are used to rank countries.
• A measure of the wealth, comfort, material goods, and necessities available to a person.

poverty

• To be extremely poor; living without enough money, possessions, or means of support.
• A country with less economic activity, lower incomes, and lower standards of living.
• The number of unemployed people divided by the number of people in the labor force.
• The value of goods & services produced per person in a country; it is used to estimate standard of living.

Human Development Index (HDI)

• The total score of life expectancy, education, and per capita income indicators, which are used to rank countries.
• The number of unemployed people divided by the number of people in the labor force.
• The value of goods & services produced per person in a country; it is used to estimate standard of living.
• To be extremely poor; living without enough money, possessions, or means of support.