Economics Vocabulary

The rapid growth of manufacturing industries.

• Natural Resources

• Import

• Export

• Industrialization

A good or service sent to another country for sale.

• Natural Resources

• Import

• Export

• Industrialization

A good or service brought IN to a country for sale.

• Natural Resources

• Import

• Export

• Industrialization

Raw materials that occur in nature and can be used for profit.

• Natural Resources

• Import

• Export

• Industrialization

The practice of farming, growing crops, and raising livestock.

• Life Expectancy

• Literacy Rate

• GDP Per Capita

• Agriculture

The percentage of a country's people who can read and write.

• Life Expectancy

• Literacy Rate

• GDP Per Capita

• Agriculture

The number of years a person can be expected to live.

• Life Expectancy

• Literacy Rate

• GDP Per Capita

• Agriculture

The total goods and services per person.

• Life Expectancy

• Literacy Rate

• GDP Per Capita

• Agriculture

An economic system based on the customs and traditions of the past.

• Free Enterprise (Capitalist Economy)

• Command Economy (Communist)

• Socialist Economy

• Traditional Economy

A system of shared ownership of resources which provide a more equal distribution of goods and services.

• Free Enterprise (Capitalist Economy)

• Command Economy (Communist)

• Socialist Economy

• Traditional Economy