Term
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Definition
| Tools, machines, and factories used to produce goods |
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Definition
| a theory or system in which property and investment in business are owned and controlled by individuals directly or through ownership of shares in companies |
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Definition
| An economy in which business activities and the allocation of resources are determined by government order rather than market forces |
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| Commercial (Market Oriented) Agriculture |
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Definition
| The production of agricultural goods for sale |
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Definition
| A theoretical economic system characterized by the collective ownership of property and by the organization of labor for the common advantage of all members |
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Definition
| A country that has a high level of development according to some criteria. Most people have a higher standard of living with access to more goods and services than people in developing countries |
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Definition
| A country that is poor and whose citizens are mostly agricultural workers but that wants to become more socially and economically advanced |
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Definition
| The system of production and distribution and consumption,as well as the frugality in the expenditure of money or resources |
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Definition
| To sell or transfer abroad |
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Definition
| An economy based on the power of division of labor in which the prices of goods and services are determined in a free price system set by supply and demand |
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Definition
| The talents and skills of a human or humans that contribute to the production of goods and services |
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Definition
| Commodities (goods or services) bought from a foreign country |
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Definition
| The basic physical and organizational structures needed for the operation of a society or enterprise, or the services and facilities necessary for an economy to function |
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Definition
| An economic system in which both the government and private enterprise play important roles with regard to production, consumption, investment, and savings |
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Definition
| Any source of wealth that occurs naturally, especially minerals, fossil fuels, timber |
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| Per Capita income ( per capita GDP) |
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Definition
| the total national income divided by the number of people in the nation |
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Definition
| A political theory advocating state ownership of industry |
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Definition
| Self-sufficiency farming in which farmers only grow enough food to feed their families |
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| A government tax on imports or exports |
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| World Trade Organization (WTO) |
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Definition
| Association that regulates and sets standards for the trading of goods between countries world wide |
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Term
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Definition
4 countries with emerging economies
Brazil
Russia
India
China |
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