Economics Vocab Review

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Life expectancy

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Average years a person is expected to live.

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Developed nation

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A country with high economic activity, GDP per capita, and living standards.

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Literacy rate

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Percentage of people who can read and write.

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Standard of living

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Measure of wealth, comfort, material goods, and necessities available to a person.

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Gross Domestic Product (GDP)

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Total value of all goods & services produced by a country in a specific time period (usually a year).

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GDP per capita

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Value of goods & services produced per person; estimates standard of living.

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Developing nation

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

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Unemployment rate

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Unemployed people ÷ Labor force

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Poverty: being extremely poor, lacking money, possessions, or support.

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

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Human Development Index (HDI)

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Total score of life expectancy, education, and per capita income used to rank countries.