Economics Review

Agricultural Industry

Producing crops, and raising livestock; farming.

Manufacturing Industry

The uses of machines, tools, and labor to produce goods for use or sale.

Service Industry

Provides services to businesses and consumers. No goods are produced.

Goods

Things that are manufactured, or made, and that consumers can buy and own

Socialism

Good and services should be produced and distributed equally. Wealth and earnings are balanced and shared..

Free enterprise

people are free to buy, sell, and produce whatever they want

Communist

Economic decisions are made and controlled by the government.

Retail Industry

The sale of goods individually or in small quantities to consumers.

Global Interdependence

Countries depend on each other and their products for producing and consuming

urban

city

Literacy Rate

describes a country's education

Rural

countryside

Services

activities people do for one and another. Includes plumbing, doctors, teachers, hotel workers, etc

Factors of production

RESOURCES used to produce services and goods

natural resources

Raw materials supplied by nature- oil, water, coal, copper, forests

Labor

workers that devote to a task for which they are paid

Capital

resources used to produce goods or a service- computers, delivery vehicles, hammers, desks, etc

Entrepreneur

A person who starts up and takes on the risk of a business

Consumers

buys a good or service

Scarcity

A shortage of resources

GDP per capita

a country's total income of goods and services for a year divided by the population.

life expectancy

the average number of years a person can expect to live