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TAKS Obj 3

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Term
Definition
Level(s) of Development   Refers to the amount and quality of economic and inductrial resources, often related to national income  
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Standard of Living   Use indicators such as income, education, birth rate/death rate, money spent on food, population density, and so on to determine quality of life  
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Distribution   Relates to trade and how resources and products are divided and allocated  
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Free-enterprise economic system/market economy   The system in the U.S. that includes economic choice, competition, profit motive, and limited government regulation of the economy  
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Command economic system   Central government owns most of the means of production in a country and controls most economic decisions  
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Industrialization   The process of creating commercial industry including heave industry such as steel  
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Trade   Exchange of goods and services  
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Technological Innovations   The introduction of new technology which often changes lifestyle and production  
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Tariff   Tax on imports and exports  
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Protective Tariff   A high tariff established to protect a particular industry  
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Export   Goods sold to buyers outside the country  
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Import   Goods bought from sellers in other countries  
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Subsitence Agriculture   Growing crops just to supports a family and not have any extra (surplus) for sale  
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Market-Oriented Agriculture   Growing crops for commercial sale and distribution to domestic and international buyers  
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Cottage Industries   Small-scale production requiring little capital  
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Commerical Industries   Large-scale production of goods by large companies or corporations  
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Created by: NHSSS
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