Economic Geography Vocabulary

Economy can be defined as

• A system for producing and distributing goods, and services to fulfill people's wants

• The social science that studies how people interact with value

• Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference

What level of development is the United States?

• More Developed

• Less Developed

• Newly Industrialized

What is sustainable development?

• Development that depletes natural resources

• Development that balances current human well-being and economic advancement with resource management for the benefit of future generations

• Development that does not use natural resources

What is Free Enterprise?

• Economic system in which the government controls everything

• Economic system that is passed down through the generations

• Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference

How would you describe a More Developed Country?

• Low-income countries characterized by little industry

• A country that has a developed economy with advanced technological infrastructure relative to other less industrialized nations

• A country that has started to industrialize

How would you describe a newly industrialized country?

• A country characterized by large industrial and service sectors with high levels of gross national product

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

• A country that is characterized by agriculture and they barter instead of use money

How would you describe a Less Developed Country?

• A country that has begun transitioning from primarily agricultural to primarily manufacturing

• Also known as a developing country, a country that is at a relatively early stage in the process of economic development.

• A country characterized by high income per person

What is a command economy?

• an economy in which production, investment, prices, and incomes are determined centrally by a government.

• an economy in which production, investment, prices and incomes are determined by unrestricted competition between privately owned business

• an economy in which production and incomes are determined by customs or tradition

A Command Economy is also considered as

• Communism

• Capitalism

• Socialism

What is a Market Economy?

• Low-income countries are highly vulnerable to economic and environmental shocks

• A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned by the community as a whole

• Economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets