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development
the process of improving the conditions of people through diffusion of knowledge and technology; synonyms are: growth, evolution, progress and expansion
Less Developed Country (LDC)
also known as a developing country, a country that is at a relatively early stage in the process of economic development
Newly Industrializing Countries (NICs)
countries that are shifting from agricultural to industrial economies
More Developed Country (MDC)
also known as a relatively developed country or a developed country; a country that has progressed further along the development continuum
agriculture
the deliberate modification of Earth's surface through cultivation of plants and raising of animals for sustenance or economic gain
agricultural revolutions
the times when human beings domesticated plants and animals and no longer relied entirely on hunting and gathering; and when innovations increased food productivity
domestication
the process of changing plants or animals to make them more useful to humans
Industrial Revolution
a period of rapid growth in the use of machines in manufacturing and production that began in the mid-1700s
core country
countries that dominate trade, control the most advanced technologies, and have high levels of productivity within diversified economies - ex: US, Canada, Western Europe
periphery country
a less developed, economically poorer country that has lower levels of education, salaries, and technology
semi-periphery country
industrializing countries which are economically in the middle between the core and periphery countries
globalization
the process by which businesses or other organizations start operating on an international scale
economic sectors
categories of jobs which range from jobs within the natural environment to intellectual jobs
primary sector
this sector of the economy extracts or harvests products from the earth, such as raw materials and basic foods: i.e. agriculture, mining, forestry, farming, grazing, hunting and gathering, fishing, and quarrying
secondary sector
this sector of the economy produces finished goods from raw materials and includes manufacturing, processing, and construction
tertiary sector
this sector of the economy is also known as the service industry - consisting of retail and wholesale sales, transportation and distribution, restaurants, clerical services, and intellectual activities such as education, technology, consulting, research, healthcare, and high-level decision makers
infrastructure
facilities and systems serving a country, city, or area, such as transportation and communication systems, power plants, and schools
capitalism
A type of economic system where businesses are owned by private individuals and corporations not the government. Prices for goods and services are determined by competition and how much people want them - AKA a free market economy.
socialism
An economic system that calls for putting the major means of production in the hands of the people, either directly or through the government. Modern followers of this system say it is somewhere between communism and capitalism and they believe wealth and income should be shared more equally among people.
communism
a type of economic system where there is no private ownership; everything is shared among the people with the goal of trying to make everyone economically equal
market economy
an economy based on free enterprise; where privately owned businesses and consumers decide what to buy and sell
command economy
An economic system where the government closely controls the economy. The government determines what goods are manufactured, the price at which they will be sold, and who gets the profits. The government owns many of the major industries.
mixed economy
an economy in which private enterprise exists in combination with government regulation and intervention for the public good
supply and demand
an economic concept that states that the value or price of a good rises and falls depending on how many people want it and depending on how much of the good is available
consumer
a person who purchases goods and services for personal use
private goods
a product or service that is purchased and consumed by a single individual or entity (ex: clothing, food, movie tickets, cars, etc.)
public goods
a product, service, or commodity that is available to everyone in a society (ex: fire, security, and environmental protection; roads and rails; education, etc.)
resource
a substance in the environment that is useful to people, is economically and technologically feasible to access, and is socially acceptable to use
irrigation
the process of applying controlled amounts of water to plants at needed intervals using either channels or drips within field rows or high-tech sprinkler systems