Question | Answer |
market economy- | an economic system in which people choose freely what to buy and sell. |
free enterprise- | system that lets competition among businesses
determine the price of products. |
capitalism- | an economic system in which businesses,
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- | is an economic and political system in which
the government owns or controls almost all
the means of production. |
gross national product (GNP)- | is 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 created
within a country. |
industrialization- | process by which manufacturing based on
machine power becomes wide spread in a area. |
literacy rate- | the percentage of people who can read and write. |
developed countries- | countries with high levels of industrialization
and high standards of living. |
infrastructure- | is a system of roads, ports, and other facilities needed by a modern economy. |
developing countries- | countries with less productive economies than
developed countries and low standards of living |
domestication- | the process in which people grow plants and
tame animals for their own use. |
urbanization- | Growth in the proportion 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 (CBD)- | city center dominated by large stores,
offices, buildings. |
edge cities- | clusters of large buildings away from the
central business district of a city. |
subsistence agriculture- | farming in which food is produced by a family
just for its own needs. |
shifting cultivation- | a process in which farmers clear trees or
brush for short-term planting before moving
on to clear another area. |
pastoralism- | a type of subsistence agriculture involving
herding animals. |
market-oriented agriculture- | agricultural system in which farmers grow
products to sell to consumers. |
agribusiness- | is the operation of specialized commercial
farm for more efficiency and profits. |
natural boundaries- | boundaries that follow a feature of the
landscape. |
cultural boundaries- | boundaries that are based on culture traits. |
geometric boundaries- | boundaries that follow geometric patterns. |
nationalism- | a feeling of pride and loyalty for one's
country or culture group. |
totalitarian governments- | a government in which one person or a small
group of people rule a country and in which
the people have no say. |
democracy- | a system of government 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. |