| A | B |
|---|
| free enterprise | people start and run businesses to make a profit |
| developing countries | countries working to become industrialized |
| natural resources | products of the earth that people use to meet their needs |
| developed countries | countries that are industrialized |
| economic system | set of rules for how people decide what goods and services to produce and how they are exchanged |
| natural resource | product of the earth that people use to met their needs |
| renewable resource | resource that cannot be used up or can be replaced |
| nonrenewable resource | resource that cannot be replaced once it is used up |
| export | to sell goods to another country. A resource that is traded to another country. |
| import | to buy goods from another country. A resource that is brought into a country from a foreign country. |
| free trade | trade that flows freely among countries without trade barriers |
| developed country | country that has a great deal of manufacturing |
| developing country | country that is working toward industrialization |
| economies | _________________________ control the use of natural resources and define how goods are produced and distributed to meet human needs. |
| standard of living | The level a person, a group, or a nation lives as measured by the extent to which it meets its needs. |
| advanced technologies | Developed countries are countries that have... |
| mixed economy | Economic system the United States has |
| command economy | means of production are publicly owned, and production and distribution are controlled by a central governing authority |
| market economy | means of production are privately owned. Production is guided and income is distributed through sales and demand for products and resources |
| traditional economy | resources are distributed mainly through families, includes farming, herding, and hunter-gatherer societies. |
