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Chapter 6
Section 1
| Chapter 6 | Section 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 |
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tennisradio37
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