Economics Word Wall Review

The value of all goods and services produced in a country in a single year

• Gross Domestic Product (GDP)
• command economy
• developed country
• developing country
• economics

Economic system that is based on barter and trade. Relies heavily on agriculture.

• traditional economy
• command economy
• developed country
• developing country
• economics

Economic system in which the central government makes all economic decisions

• command economy
• developed country
• developing country
• economics
• globalization

Economic system based on free trade and competition

• market economy
• command economy
• developed country
• developing country
• economics

Countries with less productive economies and a lower quality of life

• developing country
• command economy
• developed country
• economics
• globalization

Countries with strong economies and a high quality of life

• developed country
• command economy
• developing country
• economics
• globalization

Economic value of a person's skills and abilities

• human capital
• command economy
• developed country
• developing country
• economics

The study of the ways that individuals and societies decide how to use their limited resources in order to satisfy their unlimited wants

• economics
• command economy
• developed country
• developing country
• globalization

Process in which countries are increasingly linked together through culture and trade

• globalization
• command economy
• developed country
• developing country
• economics

Process that uses large scale manufacturing and technology

• industrialization
• command economy
• developed country
• developing country
• economics