MATERIAL WORLD VOCABULARY

Material World Vocabulary Standard of Living- The measure of the quality of life in a given country based on income and material possessions Life Expectancy- The average age a person can expect to live Literacy rate- the percentage of people who can read and write Infant mortality- the number of infants who die before reaching the age of one Birth rate- The number of children born each year for every 1,000 people Per capita income- a country’s total income divided by its population

Life Expectancy

Material World Vocabulary Economics- The study of how goods and services are produced, distributed and consumed. Undeveloped Economy- an economy which is more agricultural than industrial Developing Economy- an economy which is in the process of becoming industrialized Developed Economy- an economy which is more industrialized than agricultural Urban population- the percentage of people who live and work in a city Rural population- the percentage of people living and working in the countryside

Material World Vocabulary Subsistence farming- A farm which produces only enough food to feed the family Commercial farming- Growing food in large quantities to make a living. Manufacturing- businesses which produce goods for sale Service industries- businesses which sell services to people Import- a product brought into a country through trade or sale. Export- a product traded or sold to another country

Subsistence Farming Commercial Farming

Material World Vocabulary Resources- anything from the natural environment that people use to meet their needs Arable Land- land which can be farmed for food Water- water is a necessary for all plants, animals as well as humans. Water can also be used for transportation, power for electricity and provide food and jobs

Material World Vocabulary Location- where a country is located can affect the economy. A coastal country will be able to trade easily with other countries. An isolated or landlocked country may have difficulty getting goods to markets. Renewable resources- resources that can be used and replaced in a relatively short period of time Non-renewable resources- resources which cannot be replaced or can only be replaced over millions of years

Renewable v. Nonrenewable Resouces