Unit 3 Economics Review

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

• Gross National Product

• Natural Resources

• Economy

• Gross Domestic Product

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

• Traditional Economy

• Command Economy

• Free Market Economy

  (Capitalism)

• 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

• Free Market Economy

  (Capitalism)

• Mixed Economy

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

• Traditional Economy

• Command Economy

• Free Market Economy

  (Capitalism)

• 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 country.

• Infrastructure

• Natural Resources

• Per Capita Income

• Export

A practice used by companies to reduce costs or improve efficiency by shifting tasks, operations, and jobs to other countries.

• Transnational Corporation

• Outsourcing

• Gross National Product

• Gross Domestic Product

An item sent out of the country for sale.

• Import

• Export

• Gross National Product

• Gross Domestic Product

An item brought into the country for sale.

• Import

• Export

• Gross National Product

• Gross Domestic Product