| A | B |
|---|
| democracy | people elect leaders and rule by majority |
| republic | people elect others to speak for them in government |
| monarchy | rule by a king or queen |
| dictatorship | single ruler with total control |
| communism | government control and domination |
| primary industry | uses raw materials or natural resources |
| secondary industry | products made from raw materials or natural resources |
| tertiary industry | goods and services are sold or exchanged |
| quaternary industry | research and distribution of information about the product or related industries |
| traditional economy | people are self sufficient producing food/goods that may be traded |
| market economy | private ownership of businesses and free trade |
| capitalism | another name for a market economy |
| command economy | central government makes all economic decisions |
| mixed economy | combination of all two or more economic systems |
| Gross Domestic Product (GDP) | value of all goods and services produced within a country in a single value of all goods and services produced within a country in a single year |
| Per Capita | total GDP divided by the number of people in a country |
| developed country | strong economy and high quality of life |
| developing country | less productive economy and low quality of life |
| supply | amount of goods and services available at a given time |
| demand | amount of goods and services people willing and able to buy |
| currency | paper or coins a country uses for money |
| trade barriers | prevention of free trade |
| economy | the structure of business services in a country |
| free trade | trade without barriers |
| exports | goods or services that a country sells and sends to other countries |
| imports | goods and services that a country brings in or buys from other countries |
