Economy can be defined as

• A system for producing and distributing goods, and services to fulfill people's wants

• The social science that studies how people interact with value

• Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference

What level of development is the United States?

• Developed

• Developing

• Newly Industrialized

How would you describe a newly industrialized country?

• A country characterized by large industrial and service sectors with high levels of gross national product

• A country that has begun transitioning from primarily agricultural to primarily manufacturing and industrial activity

• A country that is characterized by agriculture and they barter instead of use money

How would you describe a Less Developed Country?

• A country that has begun transitioning from primarily agricultural to primarily manufacturing

• Also known as a developing country, a country that is at a relatively early stage in the process of economic development.

• A country characterized by high income per person

A country with a mostly rural population engaged in mainly primary economic activities is probably a  

• developing nation. 
•  developed nation.
• industrialized nation. 
• primary nation.

If Country A has a low growth rate, high literacy rate, and largely tertiary level economic activity, then it is 

• developing 
• in transition
• developed
• in North Africa 

What is the total value of goods and services produced by a country

• Gross Product Domestic
• Domestic Gross Product
• Product Gross Domestic
• Gross Domestic Product

What is the Human Development Index?

• The health of an individual.

• A set of statistics or numbers that rank countries by their development.

• The country a person lives in,

• The number of preventable diseases in a country.

 Which of the following is NOT an indicator of a nation’s economic development?  

• labor force characteristics
• major religions 
•  urban/rural ratio  
• educational achievement 

How long a person is expected to live is called what....

• labor
• high GDP
• life expectancy
• low GDP