chpt. 6 Flashcards
another type of economy
market economy
this system lets competition among business determine the price of products
free enterprise
in this system, business, industries, and resources are privately owned
capitalism
the government decides what to produce, where to make it, and what price to charge
command economy
an economic and political system in which the government owns or controls almost all the means of production
communism
the total value of goods and services that a country produces in a year.
national product (GNP)
includes only goods and services created within the country is called
Gross domesticproduct (GDP)
the process by which manufacturing, based on machine power becomes widespread in an area.
industrialization
the percentage of people who can read and write- also reflect standards of living
literacy rate
the richest countries are called
developed countries
a system of roads, ports, and other facilities needed by a modern economy.
infrastructure
the worlds poorer countries are called
developing countries
the total value of goods and services that a country produces in a year
gross national product (GNP)
includes only goods and services created within the country is called
Gross domestic product
the percentage of people who can read and write
literacy rate
the richest countries
developed countries
a system of roads, ports, and other facilities needed by a modern economy.
infrastructure
the worlds poorest countries
developing countries
learn how to grow and hunt for own use
domestication
the growth in the proportion of people living in towns and cities is called
urbanization
some cities grow into huge urban areas
world cities
are transportation hubs where roads, railroads and buses come together.
central business district
clusters of large buildings
edge cities
the kind of agriculture practiced most widely around the world
subsistence agriculture
