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24 Cards in this Set
- Front
- Back
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Communism
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an economic and political system in which the government owns or controls almost all means of production
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Free Enterprise
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prices are determined mostly through competition in which buyers and sellers are free to choose what and when to sell and buy
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Death Rate
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the number of death per 1,000 in a given year
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GNP (gross national product)
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the total value of goods and services produced by a country a year, both inside and outside the country
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GDP (gross domestic product)
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includes only those goods and services produced within a country
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Economy
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set of arrangements for a particular group
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Immigrant
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someone who moves into a country
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Tertiary Industry
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service industries. provide services to primary and secondary industries. Examples: banking, transportation, retail, and medical
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Developed Nations
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good educational system, widely available heath care, manufacturing industries, service industries, industrialized, participate in international trade, most people have access to a telephone and are part of the global network
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Allocate
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means to spread throughout
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Mixed Economies
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mixture of command ecomomies and communism
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Capitalism
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an economic system in which resources, industries, and businesses are owned by private individuals
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Infrastructure
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includes roads, bridges, transportation facilities, power plants, and water supply
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Birth Rates
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number of births per 1,000 in a given year
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Socialism
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political and economic theory of that advocates that the means of production, distribution, and exchange should be owned or regulated
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Primary Industries
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agriculture, forestry, and mining. activities that use natural resources and raw materials
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Quaternary Industries
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movement and processing of information. professional having a specialized skill or knowledge.
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Developing Nations
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health services are limited, schools are often crowded, low literacy rates, few manufacturing industries, few service industries, and poverty and unemployment are wide-spread
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Market Economies
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consumers determine what is to be bought or sold by buying or not buying certain goods and services
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Command Economy
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the government determines wages, the kinds and amounts of goods produced, and the prices of goods
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Literacy
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the ability to read or write
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Emigrant
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someone who moves out of a country
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Secondary Industry
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take goods from the primary industries and change them into products. involve manufacturing. goes through several stages until finished
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Multinational Companies
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private companies. build to use raw materials and low cost labor. criticized for taking advantage of pooer countries or the environment
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