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Chapter 3:3 vocab
Question | Answer |
---|---|
a system in which people make, exchange, and use things that have value | economy |
owners and workers | producers |
people who buy and use products | consumers |
an economic system in which individuals own most businesses | capitalism |
an economic system in which the central government owns factories, farms, and offices | communism |
nations with many nations with many industries and advanced technology | developed nations |
nations with few industries and simple technology | developing |