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wrld geo 8lo
8lo economies
| Question | Answer |
|---|---|
| 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
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