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| statistics that describe the characteristics of a population. They provide insights into the structure, size, distribution, and trends of populations, helping policymakers and researchers understand social, economic, and health dynamics. |
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| gross domestic product per capita |
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| measure of a country’s economic output per person. This metric helps compare the economic performance and average income levels of different countries or regions. |
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| reflects the overall health and well-being of a population and serves as a key indicator of a country's socio-economic development. |
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plays a critical role in determining a country’s Human Development Index (HDI), as it directly impacts the education dimension of human development.
empowers individuals by improving access to knowledge, employment opportunities, and quality of life. |
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| The infant mortality rate (IMR) measures infant deaths per 1,000 live births in a year, reflecting a population's health and healthcare quality. |
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| refers to the degree to which a country or region has progressed economically, socially, and in terms of infrastructure and quality of life. It helps distinguish between different types of economies and living standards globally. |
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| level of wealth, comfort, material goods, and necessities available to individuals or groups in a particular geographic area, typically a country or region. |
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| is a composite statistic used to measure a country's overall achievement in three key dimensions of human development. |
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| measure of the total economic output of a country within a specific time period, usually a quarter or a year. It represents the monetary value of all finished goods and services produced within a country's borders. |
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| system by which a country or region produces, distributes, and consumes goods and services. It encompasses all activities related to the production and exchange of wealth, driven by interactions among individuals, businesses, and governments. |
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| place where a group of people establishes a permanent or semi-permanent community. |
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| natural world in which living organisms exist and interact, including air, water, land, plants, animals, and microorganisms. It encompasses all external conditions and influences that affect life on Earth. |
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| natural resources that can replenish themselves naturally over time if managed properly. |
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| natural resources that do not replenish at a sufficient rate to keep up with consumption. Once depleted, they cannot be replaced within a human lifetime or take millions of years to regenerate. |
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| development approach that seeks to meet the needs of the present without compromising the ability of future generations to meet their own needs. |
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| method by which a society organizes and distributes its available resources, goods, and services |
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| physical objects that people buy and sell to satisfy their needs and wants |
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| intangible act or performance that a person or business provides to another for a fee |
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| free enterprise/Market economy |
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Definition
| economic system where private individuals and businesses have the freedom to operate and compete for profit with minimal government interference |
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| economic system rooted in long-standing customs, traditions, and beliefs. In this system, economic decisions are guided by cultural practices, social hierarchies, and established ways of life, often passed down through generations. |
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| economic system where the government makes all major economic decisions. In this system, the government owns or controls the means of production and determines what goods and services are produced, how they are produced, and who receives them. |
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| economic system that combines elements of both market and command economies. It features a blend of private enterprise and government intervention, allowing markets to operate freely in some areas while the government regulates or controls others to address social and economic goals. |
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| resources used to produce goods and services in an economy. These factors are typically grouped into four main categories:land, labor, capital, entrepreneurship |
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| Represents all natural resources like land itself, minerals, water, and forests |
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| Refers to the human workforce involved in production, including skilled and unskilled labor |
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| Includes all man-made tools, machinery, equipment, and infrastructure used in production |
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| Represents the initiative, innovation, and risk-taking ability of individuals to combine the other factors of production and create new businesses |
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| act of trading goods or services directly between two parties without using money as a medium of exchange |
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| quantity of a good or service that producers are willing and able to offer for sale at various prices over a given period of time. |
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| quantity of a good or service that consumers are willing and able to buy at different prices during a specific period of time. |
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| Activities that involve the extraction or harvesting of natural resources directly from the Earth. ex. agriculture, mining, forestry |
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| Activities that involve manufacturing or processing raw materials into finished products. ex. factories, construction, food processing. |
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| activities that provide services to individuals and businesses. ex. retail, banking, education |
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| Knowledge-based activities that involve information processing, research, and development. ex. data analysis, consulting, research and development. |
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| categorized into primary, secondary, tertiary, quaternary, and sometimes quinary sectors. These classifications represent how people and industries interact with natural resources, produce goods, and provide services. |
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| practice of cultivating the soil, growing crops, and raising animals for food, fiber, medicinal plants, and other products that sustain and enhance human life. |
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| agriculture where farmers grow crops and raise livestock primarily to meet the food and resource needs of their own families or local communities, rather than for commercial sale or profit. |
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| type of agriculture where crops and livestock are produced primarily for sale and profit in local, national, or international markets rather than for the farmer's consumption. |
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| small-scale, decentralized manufacturing businesses often operated from homes or small workshops rather than large industrial facilities. |
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| process by which an economy transitions from primarily agrarian (agriculture-based) and handcraft production to one dominated by large-scale industrial manufacturing. |
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| pathways or networks that facilitate the exchange of goods, services, and commodities between different regions, countries, or continents. |
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involves the extraction and harvesting of natural resources directly from the Earth. These activities are the foundation of all economic processes as they provide raw materials for other industries. Primary activities are typically resource-based and often require direct interaction with the environment. |
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| involves the processing, manufacturing, and construction of products by transforming raw materials obtained from primary activities into finished goods or semi-finished goods. |
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| involves the provision of services rather than the production of goods. It focuses on offering intangible products and facilitating trade, communication, and interactions between consumers and businesses. |
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| involves knowledge-based services and information processing. It focuses on intellectual endeavors, research, and the dissemination of information rather than the production of physical goods or basic services. |
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