China Vocabulary

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