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7 Cards in this Set
- Front
- Back
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Democracy |
A form of government in which the people elect leaders and rule by majority. |
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Communism |
A political system in which the government owns all property and dominates all aspects of life in a country. |
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Market Economy |
A system based on private ownership, free trade, and competition. |
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Command Economy |
A system in which the central government makes all of the economic decisions. |
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Gross Domestic Product (GDP) |
The value of all goods and services produced within a country in a single year. |
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Developed Countries |
Countries with a strong economy and a high quality of life. |
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Developing Countries |
Countries with less productive economies and a lower quality of life. |
