a system in which people make, exchange, and use things that have value
owners and workers
people who buy and use products
an economic system in which PRIVATE individuals own most businesses
an economic system in which the central government owns factories, farms, and offices
nations with many industries and advanced technology
nations with few industries and simple technology
when nations cooperate with one another in order to promote trade and economic unity
a person who grows just enough food for his or her family's needs.
Most economies differ in WHO OWNS the _______________ - either private citizens or the government
to commit money to; under capitalism, private individuals may ___________ in a business.
everyday people - not the government
an economic system with both private businesses and those run by the government
A time period about 300 years ago when there was a change from making goods by hand to making them by machine
the idead that nations depend on one another for resources or goods and services
North American Free Trade Agreement - an alliance among the USA, Canada, and Mexico that promotes trading of goods and services
Developed nations tend to sell products made using __________________.
Developing nations tend to sell ________________ such as oil to more developed nations.