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18 Cards in this Set
- Front
- Back
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What are the three main types of economic systems?
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-traditional economy
-Market economy -Command economy |
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How are developed countries and developing countries different?
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developed countries all ready have high standard of living and are the richest when developing countries have lower standards of living and do not have as much money
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Primary Activities
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-use natural resources directly.
location- at the site of the natural resource bieng used. ex.- wheat farming, iron farming. |
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Secondary Activities
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raw materials to produce or manufacture something new.
location- close to the resource or to the market for the finished product. ex. -processing wheat into flour. |
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Tertiary Activities
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provide services to people and businesses.
location- usually near customers. ex. - car dealerships or bakeries |
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Quaternary Activities
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process and distribute information.
location- anywhere ex. automotive engineering. |
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Traditional Economy
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when people make goods for themselves and thier families.
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Market Economy
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when people freely chooese what they want to buy and sell in a supermarket.
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free enterprice
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this lets compotition among businesses decide the price of products.
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Command Economy
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when the governmentdecides what to produce, where to make it, and what price to charge.
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Communism
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when the government controls the mean of the products.
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Gross National Product (GNP)
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the total value of goods and servises a country produces a year.
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Gross Domestic Product
(GDP) |
includes only those goods and services created within the country.
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industrialization
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the process by which manufacturing based on machine power becomes widespread in an area.
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Literacy rate
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the percentage of people who can read and write.
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developed countries
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the richest countries. When people enjoy the high standards of living.
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infrastructure
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a system of roads, ports, and other facilities by a modern economy.
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developing countries
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less productive economy, lower standards of living.
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