Economics – Economics is the scientific study of the means of producing and distributing goods and services so that they may be consumed by others.
Production – Production is the creation of a good or service that has value to another individual.
Distribution – Distribution is the method of getting the goods to the individuals who will use them.
Consumption – The actual use of the goods that are produced is what is known as consumption. Often times, consumption produces some form of waste.
Goods – Goods are the products that are desired by individuals.
Services – Services are processes that are desired by individuals.
Consumer – The consumer is the individual who will use the goods or services.
Producer – The producer is the individual who will create the goods or services.
Household – The household is the independent unit of customers.
Government – A government is a formal body which is in charge of creating and enforcing laws within a state.
Developed – Developed nations are those which meet certain criteria of economic measurement including gross domestic product (GDP) per capita, industrialization, etc.
Underdeveloped – An underdeveloped nation is one which has not yet organized, nor begun to organize in terms of job growth, industrialization, health care, etc.