Cash in hand jobs where people do not pay taxes to the government
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Low Income Country (LIC)
Based on the World Bank Classifications, a LIC has a Gross National Income (GNI per capita) of $1,045 or lower
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Gross Domestic Product (GDP)
Total value of goods and services produced by a country in a year
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Gross National Product (GDP)
Measures the total economic output of a country, including earnings from foreign investments
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GNP per capita
A country's GNP divided by the population (per capita means per person)
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Economic Growth
Measures the annual increase in GDP, GNP, GDP per capita or GNP per capita
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Inequality of wealth
Gap in income between a country's richest and poorest people
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Inflation
Measures how much the prices of goods, services and wages increase each year. High inflation can be a bad thing and suggests a government lacks control over the economy
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Unemployment
The number of people who cannot find work
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Economic Structure
Shows the division of a country's economy between primary, secondary and tertiary industries
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Primary Industry
Involves extracting raw materials, rearing animals and growing crops
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Secondary Industry
Improving raw materials and turning them into something better
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Tertiary Industry
Providing services and includes retail, tourism, education, health and banking
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Demongraphics
Compares birth rates to death rates, life expectancy and urban and rural ratios.
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Other cards in this set
Card 2
Front
Based on the World Bank Classifications, a LIC has a Gross National Income (GNI per capita) of $1,045 or lower
Back
Low Income Country (LIC)
Card 3
Front
Total value of goods and services produced by a country in a year
Back
Card 4
Front
Measures the total economic output of a country, including earnings from foreign investments
Back
Card 5
Front
A country's GNP divided by the population (per capita means per person)
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