1. ECONOMIC SYSTEMS AND ACTIVITIES

2. *PRIMARY ECONOMIC ACTIVITY
TAKES SOMETHING DIRECTLY FROM THE EARTH

3. *SECONDARY ECONOMIC ACTIVITY
MAKES SOMETHING MORE USEFUL OR VALUABLE

4. *TERTIARY ECONOMIC ACTIVITY
PROVIDES SERVICES

5. *QUATERNARY ECONOMIC ACTIVITY
PROCESSES AND DISTRIBUTES INFORMATION

6. PROVIDES SERVICES (INTANGIBLES) RATHER THAN GOODS (TANGIBLES)
*SERVICE INDUSTRY
PROVIDES SERVICES (INTANGIBLES) RATHER THAN GOODS (TANGIBLES)

7. *SUBSISTENCE AGRICULTURE
FARMING IN WHICH JUST ENOUGH IS PRODUCED TO MEET NEEDS – VERY LITTLE EXTRA TO SELL OR TRADE (GROW TO EAT TO LIVE)

8. *COMMERCIAL AGRICULTURE
LARGE SCALE FARMING WHERE FOOD IS GROWN TO SELL

9. LARGE SCALE PRODUCTION OF GOODS TO SELL
*COMMERCIAL INDUSTRY
LARGE SCALE PRODUCTION OF GOODS TO SELL

10. SMALL SCALE INDUSTRY BASED IN THE HOME
*COTTAGE INDUSTRY
SMALL SCALE INDUSTRY BASED IN THE HOME

11. *TECHNOLOGICAL INNOVATION
NEW, ADVANCED PRODUCT OR IDEA BASED ON MODERN SCIENCE

12. *INFRASTRUCTURE
SYSTEM OF ROADS, PORTS, UTILITIES, ETC. NEEDED FOR A SUCCESSFUL COUNTRY (THE BONES OF A COUNTRY)

13. MACHINE POWER REPLACES ANIMAL POWER
*INDUSTRIALIZATION
MACHINE POWER REPLACES ANIMAL POWER

14. *LESS DEVELOPED COUNTRIES
COUNTRIES THAT ARE NOT ECONOMICALLY PRODUCTIVE AND HAVE A LOW STANDARD OF LIVING

15. *NEWLY INDUSTRIALIZED COUNTRIES
A FEW MODERN CITIES AND MANY POOR RURAL AREAS

16. *MORE DEVELOPED COUNTRIES
COUNTRIES WITH A HIGH STANDARD OF LIVING AND A HIGH LEVEL OF INDUSTRIALIZATION

17. PERCENTAGE OF PEOPLE WHO CAN READ AND WRITE
*LITERACY RATE
PERCENTAGE OF PEOPLE WHO CAN READ AND WRITE

18. *LIFE EXPECTANCY
AVERAGE NUMBER OF YEARS A PERSON BORN IN A CERTAIN YEAR IS EXPECTED TO LIVE

19. *INFANT MORTALITY RATE
NUMBER OF BABIES WHO DIE BEFORE AGE ONE FOR EVERY 1,000 LIVE BIRTHS

20. MEASURE OF QUALITY OF LIFE (INCOME, EDUCATION, FOOD, ETC.)
*STANDARD OF LIVING
MEASURE OF QUALITY OF LIFE (INCOME, EDUCATION, FOOD, ETC.)

21. *HUMAN DEVELOPMENT INDEX (HDI)
RANKING OF COUNTRIES ACCORDING TO THEIR STANDARD OF LIVING

22. *GROSS DOMESTIC PRODUCT
TOTAL VALUE OF GOODS AND SERVICES PRODUCED WITHIN A COUNTRY (GDP)
*PER CAPITA
AVERAGE PER PERSON
*GROSS NATIONAL PRODUCT
TOTAL VALUE OF GOODS AND SERVICES PRODUCED BY A COUNTRY (ANYWHERE) (GNP)

23. *SCARCE DEFICIENT IN QUANTITY OR NUMBER; NOT ENOUGH

24. PAPER MONEY/COINS USED TO EXCHANGE FOR GOODS/SERVICES
*CURRENCY
PAPER MONEY/COINS USED TO EXCHANGE FOR GOODS/SERVICES

25. *CAPITAL
GOODS (SOMETHING) USED TO PRODUCE OTHER GOODS EXAMPLES: MONEY, MACHINERY, PEOPLE

26. DIFFERENCE BETWEEN THE VALUE OF A COUNTRY’S IMPORTS AND EXPORTS
*BALANCE OF TRADE
DIFFERENCE BETWEEN THE VALUE OF A COUNTRY’S IMPORTS AND EXPORTS

27. * TRADE SURPLUS
VALUE OF EXPORTS IS GREATER THAN VALUE OF IMPORTS (MAKING MORE MONEY THAN YOU ARE PAYING)

28. *TRADE DEFICIT
VALUE OF IMPORTS IS GREATER THAN VALUE OF EXPORTS (PAYING MORE MONEY THAN YOU ARE MAKING)

29. *TARIFF *QUOTA TAX ON IMPORTS/EXPORTS
LIMIT ON THE AMOUNT OF A PRODUCT THAT CAN BE IMPORTED

30. *IMPORTS *EXPORTS PRODUCTS BOUGHT BY A COUNTRY FROM OTHER COUNTRIES
PRODUCTS SOLD BY A COUNTRY TO OTHER COUNTRIES

31. REGION WHERE COUNTRIES AGREE TO REDUCE OR ELIMINATE TRADE BARRIERS
*FREE TRADE ZONE
REGION WHERE COUNTRIES AGREE TO REDUCE OR ELIMINATE TRADE BARRIERS

32. PEOPLE CHOOSE WHAT TO BUY AND SELL SUPPLY AND DEMAND
*MARKET ECONOMY
PEOPLE CHOOSE WHAT TO BUY AND SELL SUPPLY AND DEMAND

33. BUSINESSES, INDUSTRIES, AND RESOURCES ARE PRIVATELY OWNED
*CAPITALISM
BUSINESSES, INDUSTRIES, AND RESOURCES ARE PRIVATELY OWNED

34. *FREE ENTERPRISE
PEOPLE OWN THE MEANS OF PRODUCING AND DISTRIBUTING GOODS AND SERVICES; COMPETITION DETERMINES PRICES; PEOPLE HAVE THE RIGHT TO SUCCEED OR FAIL

35. BASED ON CULTURAL TRADITIONS; OFTEN SUBSISTENCE ECONOMY
*TRADITIONAL ECONOMY
BASED ON CULTURAL TRADITIONS; OFTEN SUBSISTENCE ECONOMY

36. *COMMAND ECONOMY
GOVERNMENT OWNS AND CONTROLS MOST PRODUCTION AND DISTRIBUTION
(USUALLY ASSOCIATED WITH COMMUNISM)

37. *SOCIALISM REDISTRIBUTES WEALTH
GOVERNMENT OWNS AND CONTROLS MEANS OF PRODUCING GOODS