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WG Unit 5 Vocab
Resources & Economic Interdependence of Dev'd & Dev'g Countries
| Term | Definition |
|---|---|
| aesthetics | beauty |
| agribusiness | a business that focuses on raising a crop to be sold |
| ASEAN | promotes economic & political development in SE Asia |
| capitalism | economic system of private ownership & investment |
| cash crops | crops grown for sale |
| commercial agriculture | raising crops to be sold commercially |
| comparative advantage | production of goods & services at best cost/benefit ratio for investment |
| cottage industry | small business run from inside the home |
| developed country | wealthy country with industry and a high standard of living |
| developing country | poor country with agriculture based economy |
| entrepreneur | business owner; investor of time & finances |
| EU | economic/political organization of European countries |
| export | item taken out of a country for trade |
| globalization | increased global connectedness |
| imperialism | empire building |
| import | item brought into a country for trade |
| indigenous | native to an area |
| infrastructure | buildings, roads, electricity, water, internet; utilities |
| interdependence | dependence between one or more agencies |
| landlocked | land with no coast |
| literacy rate | percentage of population able to read and write |
| NAFTA | a tax free trade agreement for US/Canada/Mexico |
| natural resource | item found in nature with monetary value to humans |
| nonrenewable | unable to be replaced |
| OPEC | group responsible for price & quantity of released barrels of oil |
| per capita | per person |
| renewable | able to be replaced |
| subsistence agriculture | crops grown to support the immediate food needs of the grower |