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30 Cards in this Set
- Front
- Back
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market economy
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an economic system in which people choose freely what they want to sell and buy
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free enterprise
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system that lets competition among buisnesses determine the price of the objects
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capitalism
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an economic system in which buisnesses, industries, and resources are privatley owned
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command economy
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an economic system in which the government decides what nto produce, where to make it, and what price to charge
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communism
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an economic and political system in which the government controls and owns all the means of production
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GDP
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the total value of goods and services created within a country
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GNP
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the total value of goods and services that a country produces in a year
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industrialization
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the process by which manufacturing based on maching power becomes widespread in an area
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literacy rate
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percentage of people who can read and write
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developed countries
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countries with high levels of industrialization and high standards of living
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infrastructure
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system of roads, ports, and other facilities needed by a modern economy
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developing countries
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countries with less productive economies than delepoed countries and low standards of living
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domestication
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the process in which people grow plants and tame animals for their own use
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urbanization
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growth in the proportion of people living in towns and cities
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world cities
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huge urban areas hat are the most important centers of economic power and weatlh
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Central Buisness District (CBD)
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city center domesticated by large sotres, offices, and buildings
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edge cities
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clusters of large buildings away from the central buisness district of a city
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subsistence agriculture
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farming in which food is produced by a family just for its own needs
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shifting cultivation
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a process in which farmers clear trees or brush for short-term planting before moving on to another clear area
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patoralism
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A type of substinence agriculture involving herding animals
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Market-oriented agriculture
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agricultural sstem in which farmers grow products to sell to consumers
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agribuisness
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the operation of specialized commerical farms for more efficiency and profits
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natural boundries
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boundries that follow the feature of a landscpe
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cultural boundries
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boundries that are based on cultural traits
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geometric boundries
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boundries that follow a geometric pattern
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nationalism
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a feeling of pride and loyalty for one's country or culture group
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totalitarian government
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a government in which one person or a small group of people rule a country and the people have no say
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democrcay
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a system of government in which the people decide who will govern
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tariffs
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taxes on imports and exports
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quotas
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in trade matters limits on the amount of a product that can be imported
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