Economic Systems

Decisions made on what has been done in the past.

Work that people do to improve their quality of life, or to increase their wealth.

Taxes charged on goods imported into the country.

Countries that has a high proportion of their workforce in the tertiary sector.

Decisions are made within a system that has aspects, of both command and market economies.

Extract natural resources from the enviroment and make them into semi finished goods,

Work that people do that is not reported as an economic activity, to avoid records being kept and taxes paid.

Total Value of all the goods and services produced within a country in a year. The sum of all the economic activities of the citizens of a country in a year, regardlesss of wher the money was earned.

A set of living conditions such as birth rate, death rate, and literacy rate that gives you a general picture of what life is like in a given country.

Goods and services that we can see and touch that makes our lives better.