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Ch 3 -3 Soc. Studies
Economic Systems - World Studies: Foundations of Geography
Question | Answer |
---|---|
consumers | people who buy and use products |
capitalism | economic system with privately owned businesses |
communism | economic system when the government owns factories, farms and offices |
developed nation | countries or nations with many industries & advanced technology |
developing nations | countries or nations with few industries and only simple technology |
economy | a system where people make, exchange and use things that have value |
producers | owners and workers |