Shared Flashcard Set

Details

Chapter 4 Industry
Vocabulary (KCCS)
17
Geography
8th Grade
02/23/2011

Additional Geography Flashcards

 


 

Cards

Term
Economics
Definition
The science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind
Term
Capital
Definition
Money used to build or operate business or industry
Term
Capitalism
Definition
A free market economy in which anyone may go into business in an attempt to make profit; most businesses are privately owned instead of government owned
Term
Free Market
Definition
A market in which business compete freely for buyers with little interference from the government
Term
Socialism
Definition
Where the government owns the major industries and [promises to make production decisions for the welfare of society
Term
Gross Domestic Product (GDP)
Definition
The value of all the goods and services produced by a country during a year
Term
Per capita GDP
Definition
The Gross Domestic Product of a country divided by the number of people in the country
Term
Value Added
Definition
Term
Group of 7 (G-7)
Definition
Term
Developed Country
Definition
A country that has a wide range of industries that take full advantage of the people's skills
Term
Developing Country
Definition
A country whose industries do not fully take advantage of its people's skills
Term
Market
Definition
People or businesses interested in buying a product
Term
Export
Definition
To send goods out of the country
Term
Import
Definition
To receive goods
Term
Free Trade
Definition
Allows retailers the freedom to sell any products their customers want
Term
World Trade Organization (WTO)
Definition
Organization that intends to supervise and liberalize international trade
Term
Tariff
Definition
Import or export tax
Supporting users have an ad free experience!