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A political and economic system where factors of production are collectively owned and directed by the state.

joint family

family organization in which several generations share a common dwelling


The changes that enable a country to compete effectively with the leading countries at a given time


economic system in which the means of production are privately owned and operated for profit


movement of people from rural areas to cities


the basic facilities and services that support a community


when people, businesses, regions, and/or nations concentrate on goods and services that they can produce better than anyone else

filial piety

in Confucian thought, one of the virtues to be cultivated, a love and respect for one's parents and ancestors


the development of a worldwide society in which people, money, information, and goods flow freely across national borders

free trade

teh flow of goods and services across national borders, with little or no government control

economic interdependence

a condition in which countries have strong economic ties and depend on each other for resources, technology, trade,and investment

multinational corporation

a large company that has operations in more than one country

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