8lo economies
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each of the black spaces below before clicking
on it to display the answer.
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| market- economy | economic system in which people choose freely what to buy and sell
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| free enterprise | system that lets competition among businesses determine the price of product
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| capitalism | economic system in which businesses, industries, and resources are privately owned
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| command economy | the gov. decides what to produce, where to it, and what price to charge
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| communism | economic and political system in which the gov. owns or controls almost all the means of production
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| gross national product | total value of goods and services that a country produces in a year
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| gross domestic product | total value of goods and services created within a country
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| industrailization | process by which manufacturing based on machine power becomes widespread in an area
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| literacy rate | percentage of people who can read and write
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| developed countries | countries with high levels of industrailization and high standards of living
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| infrastructure | system of roads, ports, and other facilities needed by a needed by a modern economy
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| developing countries | countries with less productive economies than developed countries and low standards of living
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| domestication | process in which people grow plants and tame animals for their own use
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| urbanization | growth in the population of people living in towns and cities
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| world cities | huge urban areas that are the most important centers of economic power and wealth
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| central business district | city center dominated by large stores, offices, and buildings
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| edge cities | clusters of large buildings away from the CBD of a city
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| substience agriculture | farming in which food is produced by a family just for its own needs
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| shifting cultivation | process in which farmers clear trees or brush for short-term planting before moving onto clear another area
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| pastrolism | type of substience agriculture involving herding animals
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| market-oriented agriculture- | agricultural system in which farmers grow products to sell to comsumers
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| argibusiness | operation of specialized commerical farms for more efficiency and profits
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| natural boundaries | boundaries that follow a feature of a landscape
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| cultural boundaries | boundaries based on cultural traits
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| geometric boundaries | boundaries that follow geometric patterns
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| nationalism | feeling of pride and loyalty for one's country or culture group
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| totalitarian gov | gov. in which one person or a small group of people rule a country and in which the people have no say
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| democracy | system of gov in which the people decide who will govern
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| tariffs | taxes on imports and exports
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| quotas | in trade matters, limits on the amount of a product that can be imported
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