Geography Ch. 4 Vocab Pt. 2 Flashcards
a system in which tradition and custom control all economic activity; exists in only a few parts of the world today
Traditional economy
an economic system based on free enterprise, in which businesses are privately owned and production and prices are determined by supply and demand
market economy
a system where private individuals or groups have the right to own property or businesses and make a profit with limited government interference
free enterprise
a system where factors of production are privately owned
capitalism
a system of resource management in which the government supports and regulates enterprise through decisions that affect the marketplace
mixed economy
a system of resource management in which decisions about production and distribution of goods and services are made by a central authority
command economy
a country which has a highly developed economy and advanced technological infrastructure relative to other less developed nations
more developed country
a country that has begun transitioning from primarily agricultural to primarily manufacturing and industry activity
newly industrialized country
a country which, according to the United Nations, exhibits the lowest indicators of socioeconomic development
less developed country
spreading of urban developments on undeveloped land near a city
urban sprawl
the directness of routes linking pairs of places
connectivity
region that includes a central city and its surrounding suburbs
metropolitan area
geographical theory that seeks to explain the number, size, and location of human settlements in an urban system
central place theory
cities generally considered to play an important role in the global economic system
world cities
