Economic Geography Vocabulary

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Economy can be defined as

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

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What level of development is the United States?

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More Developed

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What is sustainable development?

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

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What is Free Enterprise?

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

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How would you describe a More Developed Country?

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

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How would you describe a newly industrialized country?

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

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How would you describe a Less Developed Country?

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

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What is a command economy?

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

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A Command Economy is also considered as

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Communism

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What is a Market Economy?

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