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Chapter 6

Section 1

Chapter 6Section 1
Free enterprise system in which lets competition amoung businesses determine the price of products
capitalism an economic system in which business, industries, and resources are privately owned
command economy an economic system in which the government decides what to produce, where to make it, and what price to charge
communism an economic and political system in which the government owns or controls almost all the means of production
gross national product (gnp) the total value of goods and services that a country produces in a year
gross domestic product (gdp) the total value of goods and services create within a country
industrialization the process by which manufacturing based on machine power becomes widespread in an area
literacy rate the precentage of people who can read and write
developed countries countries with high levels of industralization and high standards of living
infrastructure a system of roads, ports, and other facilites needed by a modern economy
developing countries countries with less productive economies than developed countries and low standards of living
market economy an economic system in which people choose freely what to buy and sell
Created by: tennisradio37