World geography vocab

Market economy

• an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.

• any place where two or more parties can meet to engage in an economic transaction

Traditional economy

• A system in which tradition and custom control all economic activity.

• a type of economic system where supply and demand regulate the economy, rather than government intervention.

Command economy

• To govern or direct according to rule.

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

Mixed economy

• to govern another country by yourself.

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

Capitalism

• A system in which factors of production are privately owned.

• An economic system that is commonly known for not working.

Regulate

• To control something without following rules.

• To regulate an activity or process means to control it, especially by means of rules.

Free enterprise

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

• To gain everything freely without having to pay for it in any way.

Incentive

• not feeling or showing sympathy for other people's feelings, or refusing to give importance to something:

• a thing that motivates or encourages one to do something.

Less developed country

• low-income countries that are suffering from long-term impediments to growth

• a Third World or nonindustrialized country.

• A country that, according to the United Nations, exhibits the lowest indicators of socioeconomic development

Newly developed country

• substantial growth in gross domestic product

• countries whose economies have not yet reached a developed country's status but have, in a macroeconomic sense, outpaced their developing counterparts.

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