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