Test Vocab Economic and Urban Geo

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

• market economy
• free enterprise
• traditional economy
• mixed economy

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

• market economy
• traditional economy
• mixed economy
• command economy

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

• traditional economy
• market economy
• free enterprise
• mixed economy

a system in which factors of production are privately owned.

• free enterprise
• mixed economy
• command economy
• capitalism

a system of resource management in which the government supports and regulates enterprise through decisions that effect the market place.

• mixed economy
• command economy
• traditional economy
• market economy

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

• mixed economy
• command economy
• market economy
• traditional economy

a country which has a highly developed economy and advanced technological infrastructure relative to other less developed nations

• newly industrialized country
• less developed country
• mixed country
• more developed country

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

• more developed country
• less developed country
• newly industrialized country
• command country

a country which, according to the United Nations, exhibits the lowest indicators of socioeconomic development.

• less developed country
• newly industrialized country
• more developed country
• command country

to govern or direct according to rule

• regulate
• incentive
• unique
• command