An economic system in which the government plans and controls every aspect of a country's economy.

System in which people, not government, decide what to make, sell, or buy.

The value of all goods and services that a country produces in a period of time, usually one year, within a country.

The value of all goods and services that a country produces in one year within a country divided by the country's total population.

The value of all goods and services produced by a country, whether the production takes place in the country or elsewhere.

Human-made materials used to produce goods and services.

Buys and uses goods and services.

The number of consumers who want to buy a good or service.

When resources and products are in low supply

What is not an economic indicator?

Three indicators of the level of development of a country are...

A good way to measure standard of living is by calculating...

At which level of economic development is a country where most people work at the subsistence level?

A country with a strong infrastructure (transportation/communication/education systems/health care) would be at which level of economic development?

Developed or Developing?

Developed or Developing?

Developed or Developing?

Developed or Developing?

Developed or Developing?