Economics/Development

Front

A system in which tradition and custom control all economic activity; exists in only a few parts of the world today

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traditional economy

Front

An economic system based on free enterprise, in which businesses are privately owned and production and prices are determined by supply and demand.

Back

market economy

Front

A system in which private individuals or groups have the right to own property or businesses and make a profit with limited government interference.

Back

free enterprise

Front

A system in which factors of production are privately owned.

Back

Capitalism

Front

a system of resource management in which the government supports and regulates enterprise through decisions that affect the marketplace

Back

mixed economy

Front

to govern or direct according to rule of law

Back

regulate

Front

a system of resource management in which decisions about production and distribution of goods and services are made by a central authority or the government.

Back

Command Economy (Communism)

Front

a country that has a highly developed economy and advanced technological infrastructure such as energy grids, roads, education systems, WIFI, etc.

Back

More Developed Country (MDC)

Front

A country that has begun transitioning from primarily agricultural to primarily manufacturing and industrial activity.

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Newly Industrialized Country (NIC)

Front

A country that, according to the United Nations (UN), exhibits the lowest indicators of socioeconomic development lacking even the most basic infrastructure such as roads, education systems, etc.

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Less Developed Country (LDC)