| A | B |
|---|
| free market economy | 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 |
| 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 |
| subsistence agriculture | farming where a family grows only enough food to meet their needs |
| 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 |
| 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 |
| subsitance agriculture | farming enough for a families own needs |
| per capita GDP | the average amount of money each person makes in a year |
| Capital Resource | assets that are utilized in the process of producing goods or services as part of a business operation |
| Commerical (Market Oriented) Agriculture | growing crops as a business |
| economy | of, relating to, or based on the production, distribution, and consumption of goods and services |
| export | a commodity sent from one country to another for the purpose of trade |
| Human resource | the workforce of an organization, the people who do the work |
| import | to bring in (merchandise, commodities, workers, etc.) from a foreign country for use, sale, processing, reexport, or services. |
| Mixed economy | a system of resource management in which the government supports and regulates enterprise through decisions that affect the marketplace |
| natural resources | substances from the earth that are not made by human |
| socialism | political philosophy in which the government owns the means of production |
| World Trade Organization (WTO) | an international body that oversees trade agreements and settles trade disputes among countries |
| BRIC | This stands for 4 countries w/emerging economies, Brazil, Russia, India, China |
