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wrld geo 8lo

8lo economies

market- economy economic system in which people choose freely what to buy and sell
free enterprise system that lets competition among businesses determine the price of product
capitalism economic system in which businesses, industries, and resources are privately owned
command economy the gov. decides what to produce, where to it, and what price to charge
communism economic and political system in which the gov. owns or controls almost all the means of production
gross national product total value of goods and services that a country produces in a year
gross domestic product total value of goods and services created within a country
industrailization process by which manufacturing based on machine power becomes widespread in an area
literacy rate percentage of people who can read and write
developed countries countries with high levels of industrailization and high standards of living
infrastructure system of roads, ports, and other facilities needed by a needed by a modern economy
developing countries countries with less productive economies than developed countries and low standards of living
domestication process in which people grow plants and tame animals for their own use
urbanization growth in the population of people living in towns and cities
world cities huge urban areas that are the most important centers of economic power and wealth
central business district city center dominated by large stores, offices, and buildings
edge cities clusters of large buildings away from the CBD of a city
substience agriculture farming in which food is produced by a family just for its own needs
shifting cultivation process in which farmers clear trees or brush for short-term planting before moving onto clear another area
pastrolism type of substience agriculture involving herding animals
market-oriented agriculture- agricultural system in which farmers grow products to sell to comsumers
argibusiness operation of specialized commerical farms for more efficiency and profits
natural boundaries boundaries that follow a feature of a landscape
cultural boundaries boundaries based on cultural traits
geometric boundaries boundaries that follow geometric patterns
nationalism feeling of pride and loyalty for one's country or culture group
totalitarian gov gov. in which one person or a small group of people rule a country and in which the people have no say
democracy system of gov in which the people decide who will govern
tariffs taxes on imports and exports
quotas in trade matters, limits on the amount of a product that can be imported
Created by: diva626