Term
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Definition
| Structure and processes that a country uses to allocate its resources and conduct its commercial activities. |
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Term
| Centrally Planned Economy |
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Definition
| Economic system in which a nation's land, factories, and other economic resources are owned by the government, which plans nearly all economic activity. |
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Definition
| Economic system in which land, factories, and other economic resources are rather equally split between private and government ownership. |
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Definition
| Economic system in which the majority of a nation's land, factories, and other economic resources are privately owned, either by individuals or businesses. |
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Definition
| how much businesses are willing to provide at a set selling price |
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Term
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Definition
| how much buyers are willing to buy at set price. |
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Term
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Definition
| Measure for gauging the economic well-being of one nation's people as compared with that of another nation's people. |
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Definition
| Value of goods and services that can be purchased with one unit of a country's currency. |
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Term
| Purchasing Power Parity (PPP) |
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Definition
| Relative ability of two countries' currencies to buy the same "basket" of goods in those two countries. |
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Term
| Human Development Index (HDI) |
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Definition
| Measure of the extent to which a people's needs are satisfied and the degree to which these needs are addressed equally across a nation's entire population. |
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Term
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Definition
| Country that is highly industrialized, highly efficient, and whose pepole enjoy a high quality of life. |
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Term
| Newly Industrialized Country (NIC) |
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Definition
| Country that has recently increased the portion of its national production and exports derived from industrial operations. |
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Term
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Definition
| Newly industrialized countries plus those with the potential to become newly industrialized. |
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Term
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Definition
| Use of the latest technologies in some sectors of the economy coupled with the use of outdated technologies in other sectors. |
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Term
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Definition
| Nation that has a poor infrastructure and extremely low personal incomes. |
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Term
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Definition
| Process by which a nation changes its fundamental economic organization and creates new free-market institutions. |
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