An economic system in which people choose freely what to buy and sell.
System that lets competition among businesses determine the price of products.
An economic system in which businesses, industries, and resources are privately owned.
An economic system in which the government decides what to produce, where to make it, and what price to charge.
An economic and political system in which the government owns or controls almost all the means of production.
Gross National Product (GNP)
The total value of goods and services that a country produces in a year.
Gross domestic product (GDP)
The total value of goods and services created within a country.
Percentage of people who can read and write.
System of roads, ports, and other facilities needed by a modern economy.
Countries with less productive economies than developed countries and low standards of living.
Countries with high levels of industrialization and high standards of living.
The process by which manufacturing based on machine power becomes widespread in an area.
The process in which people grow plants and tame animals for their own use.
Growth in the portion of people living in towns and cities.
Huge urban areas that are the most important centers of economic power and wealth.
Central Business District (CBD)
City center dominated by large stores, offices, and buildings.
Clusters of larger buildings away from the central business district of a city.
Farming in which food is produced by a family just for its own needs.
A process in which farmers clear trees or brush for a short-term planting before moving on to clear another area.
A type of subsistence agriculture involving herding animals.
Agricultural system in which farmers grow products to sell to consumers.
The operation of specialized commercial farms for more efficiency and profits.
Boundaries that follow a feature of the landscape
Borders that are based on culture traits, such as religion or language
borders that are usually straight lines drawn without regard to environmental or cultural patterns
limits on the amount of a product that can be imported
Feeling pride and loyalty for one's country or culture group
taxes on imports and exports
a system in which the people decide who will govern.
One person or a few people decide what is best for everyone.
Ex: wheat farming
Use Natural Resources directly
Location: At the site of the resource
Ex: turning wheat into flour
use raw materials to produce or manufacture something new
Location: close to the resource of close to the market for the finished product
Provide services to people and businesses
Location: usually near customers
Ex: bakeries, car dealerships
Ex: Plant-genetics research
process and distribute information