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Last updated 5:38 PM on 9/13/24
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23 Terms

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GDP Per Capita

A measure of a country's economic output that accounts for its number of people, calculated by dividing the Gross Domestic Product by the population.

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Least Developed Country

A classification of countries that exhibit the lowest indicators of socioeconomic development, often characterized by low income, weak human resources, and economic vulnerability.

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Life Expectancy

The average number of years a person is expected to live based on current mortality rates.

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Newly Industrialized Country

A country that has recently transitioned from an agrarian economy to one that is more industrialized and has a higher level of economic development.

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Literacy

The ability to read and write, often measured as a percentage of the population that can read and write at a specified age.

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More Developed Country

A classification of countries with high levels of income, industrialization, and modernization, often characterized by advanced technological infrastructure.

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Infant Mortality

The death of infants before their first birthday, often used as an indicator of the overall health of a population.

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Primary Economic Activities

Economic activities that involve the extraction and harvesting of natural resources, such as agriculture, mining, and fishing.

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Command Economy/Communism

An economic system where the government makes all economic decisions and controls the means of production.

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Secondary Economic Activities

Economic activities that involve the processing of raw materials into finished goods, such as manufacturing and construction.

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Mixed Economy/Socialism

An economic system that combines elements of both capitalism and socialism, where both private and public sectors play significant roles in the economy.

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Tertiary Economic Activities

Economic activities that provide services rather than goods, such as retail, healthcare, and education.

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Market Economy/Free Enterprise

An economic system where supply and demand determine prices and production, with minimal government intervention.

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Quaternary Economic Activities

Economic activities that involve knowledge-based services, such as research, information technology, and financial services.

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Traditional Economy

An economic system that relies on customs, history, and time-honored beliefs, often involving subsistence farming and barter.

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Direct Democracy

A form of democracy in which people vote directly on laws and policies rather than through elected representatives.

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Cultural Diffusion

The spread of cultural beliefs and social activities from one group to another, often through trade, migration, or communication.

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Representative Democracy

A form of democracy in which citizens elect representatives to make decisions and pass laws on their behalf.

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Dictatorship

A form of government in which a single leader or party holds absolute power, often without the consent of the governed.

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Constitutional Monarchy

A system of government in which a monarch shares power with a constitutionally organized government.

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Totalitarian

A political system in which the state recognizes no limits to its authority and seeks to regulate every aspect of public and private life.

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Absolute Monarchy

A form of government where a single ruler, usually a king or queen, has complete control over the government and is not bound by a constitution.

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Theocracy

A system of government in which priests or religious leaders control the government, and the state's legal system is based on religious law.