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(DMS) Chapter 17

China Develops a New Economy

Economy A system of managing the wealth and resources of a community or region.
Agriculture Farming
Commerce The business of buying and selling or exchanging items.
Urbanization Growth of cities.
Chain pump A pump with containers attached to a loop of chain to lift water and carry it where it is wanted.
Harrow A farm tool used to break up and even out plowed ground.
Barge A long boat with a flat bottom.
Currency The form of money used in a country.
Stable Food Supply When there is enough food produced for everyone.
Market Economy A free economy, where production and prices are based on the interaction of people and business.
Command Economy An economy where the government makes decisions regarding prices and production.
Mixed Economy An economy where government makes some decisions regarding prices and production, and the interaction between people and business also has an effect on prices and production.
Tradition Economy An economy where people produce everything they need.
Created by: jhoward72