Economic Institutions

3. How advanced or successful a country’s economy is, often measured by factors like wealth, education, and health.
7. Businesses that provide services instead of goods.
9. The total value of all goods and services a country makes in a year (GDP)
10. An economy where people can start businesses, make profits, and compete with others
13. Physical items that people buy or sell
18. Businesses that sell goods directly to customers
19. Businesses that make goods in factories.
20. The process of making goods or services to sell or use.
21. Jobs that people do for others.
22. An economy where the government controls some businesses and services to share wealth more equally
23. An economy where the government controls all businesses and resources.
24. How much of something is available and how much people want it. It affects the price of things.
25. Paths like rivers, roads, or railways that make it easier to move goods and people.

1. The work that people do to make goods or provide services.
2. The resources needed to make goods or services: natural resources, labor, capital, and entrepreneurs.
4. Rules about right and wrong that help people and businesses act fairly.
5. Businesses that grow crops or raise animals.
6. A person who starts and runs a business.
8. The average amount of money each person in a country would have if the GDP were divided equally.
11. Tools, machines, and money used to produce goods or services.
12. The ability to read and write
14. The process of delivering goods or services to people or stores.
15. Things like mountains or deserts that make it harder to move goods or people.
16. Materials from nature that people use to make goods or services.
17. The average number of years a person is expected to live.