Introduction to Economics

A series of flashcards covering key concepts and vocabulary from the 'Introduction to Economics' lecture notes.

What are economic indicators?

Statistics about a place that help you understand the condition of its economy.

What is life expectancy?

The average number of years a person is expected to live.

What is the infant mortality rate?

The number of infant deaths for every 1,000 live births.

What does literacy refer to?

The percentage of people who can read & write.

What is GDP?

The total value of all the goods & services produced in a place during a specific time period.

What is GDP per capita?

The value of goods produced per person in a country; it is used to estimate standard of living.

What does it mean to be in extreme poverty?

To be extremely poor; living without enough money, possessions, or means of support.

What characterizes a developing nation?

A country with less economic activity, lower incomes & lower standards of living.

What characterizes a developed nation?

A country with lots of economic activity, higher GDP per capita & higher standards of living.