Barter System - When people exchange their products or labor skills for other products or labor services, Capital - Money, tools, equipment & factories used in production., Capitalism - System in which people freely choose what to buy & sell; private ownership of businesses with a goal of making a profit., Command Economy - System in which gov’t decides what to produce, where to produce it, & at what price, not necessarily for a profit, Communism - Command economy system in which the gov’t owns all the means of production; totally controls society., Developed - A nation that is Industrialized countries producing great quantities of goods & services with high standards of living., Developing - A nation that is a Poor nations lacking industries, modern tech., money, resources & skilled labor; low standards of living., study - Economics is the (fill in blank) of the decisions involved in the way goods & services are produced, distributed, consumed, or used., place - Market is any (fill in blank) where goods can be traded., Socialism - Command economy system in which gov’t owns many of the larger industries but provides education, health & welfare services while allowing citizens some economic choices., Subsistence - (fill in blank) Economy is a Traditional economic system in which people make goods for themselves with little extra., Entrepreneur - A factor of production that includes the individuals who take on the risk of starting a new business or bringing a product to market., Labor - A factor of production that includes people with all their efforts and abilities., Land - A factor of production that includes the “gifts of nature,” or natural resources not created by human effort., Primary - (fill in blank) Activities use natural resources directly such as farming, fishing, forestry & herding, which provide basic raw materials for industry; located at the resource., Quaternary - (fill in blank) Activities requiring workers with specialized skill/knowledge such as scientists; can be located anywhere…not tied to resources, environment, or markets., Secondary - (fill in blank) Activities use raw materials to produce something new such as steelmaking or a lumber mill; located close to the resources., Tertiary - (fill in blank) Activities provide services to people & businesses such as doctors, teachers & restaurants; located near consumers., Consumer - Anyone who buys a good or a service., Demand - The amount of a product that purchasers are willing to buy at a certain price., Equilibrium - The point when supply equals demand; provides the greatest profit., Exports - Goods sold to foreign countries., Imports - Goods bought from foreign countries., Producer - Anyone who makes or grows a good or performs a service., Shortage - When demand for a product exceeds the supply of the product., Specialization - Individuals, companies and/or nations that focus mainly on 1 part of a task, 1 job, product, or industry because they are good at it!, Supply - The amount of a product that is available for purchase., Surplus - The amount of a product that exceeds the demand for the product., Outsourcing - Moving a business function performed in-house to another country or business., HDI - (fill in the blank) is the abbreviation for Human Development Index. The Human Development Index is is the measurement of the status of life in any given place based off of life expectancy, education levels, and income per capita.,

Unit 5 Economic Development

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