| A | B |
|---|
| free enterprise | system that lets competition among businesses determine the price of products |
| communism | 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 created within a country |
| Gross Domestic Product | (GDP) the total value of goods and services that a country produces in a year |
| industrialization | the process by which manufacturing based on machine power becomes widespread in an area |
| literacy rate | percentage of people who read and write |
| developed countries | countries with high levels of industrialization and high standards of living |
| developing countries | countries with less productive economies than developed countries and low standards of living |
| infrastructure | system of roads, ports, and other facilities needed by a modern economy |
| fossil fuels | energy resources formed from the remains of ancient plants and animals including coal, natural gas, and petroleum |
| subsistence farming | farming where a family grows only enough food to meet their needs |
| market-oriented agriculture | agriculture where farmers grow food to sell to consumers |
| arable | soil that is fit to farm |
| infant mortality rate | amount of deaths of children in the first year of life per 1,000 births |
| life expectancy | average number of years a person lives |
| domestication | the taming or control of wild plants or animals so that they can be used by humans |
| capitalism | an economic and political system in which resources are privately owned |
| mixed economy | an economic system combining different levels of government regulation; a mix of free enterprise and socialism |
| (IMF) International Monetary Fund | An agency of the United Nations that provides loans to countries for development projects |
| market economy | an economic system in which people choose freely what to buy and sell |
| command economy | the goverment decides what to produce, where to make it, and the price |
| tariffs | taxes on import and exports |
| quotas | limits on the amounts of a product that can be imported |
| geothermal power | heat of the earth's interior , renewable energy |
| hydroelectric power | electricity produced by moving water, not renewable |
| free trade | the removal of trade barriers so goods can flow freely through countries |
| newly industrialized country | a country that has begun transitioning from farming to industry |
| agribusiness | operation of specialized commerical farms for more efficiency and profit |
| population pyramid | graph showing the number of males and females by age group in a countries populations |
| demography | statistical study of human populations |
| primary industry | uses natural resources and raw materials |
| secondary industry | economic activity that takes goods from primary industry and turns them into products |
| tertiary industry | services to consumers |
| quaternary industry | movement and organizaiton of information research/lab |
| per capita GDP | the average amount of money each person makes in a year |
| material culture | a culture where people are more interested in, or give more importance to, the accumulation of material things |
| non-material culture | culture that gives more importance to the intellectual or spiritual things in life |
| sparse | scarce; thinly spread out; little amount of |
