1. What to produce? 
2. How to produce it? 
3. How much to produce? 4. Who gets what is produced?

a material that satisfies human wants and provides utility, for example, to a consumer making a purchase. A common distinction is made between them and services is that they are tangible property

portion of the economy that is concerned with receiving raw materials and transforming (manufacturing) them into serviceable items, properties or other goods

goods or services that are required. This would include  food, clothing, shelter and health care

a broad statement or an idea that applies to a group of people or things. Often times, not entirely true, because there may be examples of individuals or situations wherein it does not apply.

the percentage of people who are able to read and write in their primary language vs those who are not.

one of the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period; you can think of it as the size of the economy.

country whose national economy has transitioned from being primarily based in agriculture to being primarily based in goods-producing industries, such as manufacturing, construction, and mining, during the late 20th and early 21st centuries. Also trades more with other countries and has a higher standard of living than (LDC) developing countries. However, it has not yet reached the level of economic advancement of (MDC) developed countries and regions such as the United States, Japan, and western Europe.

built upon traditions, customs, and beliefs, often based on one or a few of agriculture, hunting, fishing, and gathering. Barter and trade is often used in place of money

classify → the basic economic problem, the gap between limited - that is, scarce - resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants at possible.

communism → an economic system based on state ownership of capital

factor of production → inputs needed to produce a good or service. There are four factors of production: land, labor, capital and entrepreneurship (also known as human enterprise or innovation).

Tertiary Economic Activity → sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture, forestry, fishing and mining

Quaternary Economic Activity → based on knowledge applicable to some business activity that usually involves the provision of services. For example, the it might include: information gathering, distribution and technology; research and development; vocational education; business consulting; and strategic financial services

More Developed Countries (MDC) → The world´s most impoverished and vulnerable countries. A group of countries that have been classified by the UN n terms of their low gross national income (GNI), their weak human assets and their high degree of economic vulnerability

At this level of economic development, countries move away from traditional beliefs and customs and large numbers of workers become engaged in manufacturing

Human Development Index (HDI) → a composite statistic of life expectancy, education, and income per capita indicators, which are used to rank countries into four tiers.

free-enterprise → an economic system in which private business operates in competition and largely free of state control.

Life Expectancy → the percentage of people who are able to read and write in their primary language vs those who are not.

an industry whose labor force consists of family units or individuals working at home with their own equipment

large-scale production of crops for sale, intended for widespread distribution to wholesalers or retail outlets. crops such as wheat, maize, tea, coffee, sugarcane, cashew, rubber, banana, cotton are harvested and sold in the world markets