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Economic Systems OBJECTIVE 3
types of economic activity and related vocabulary
7
Geography
9th Grade
01/14/2009

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Term
Subsistence agriculture
Definition
raise just enough food to survive; no extra to sell or trade
Term
Market oriented agriculture
Definition
crops are grown for sale,trade, or services
Term
Cottage industries
Definition
produce goods at home by hand; little is produced, must sell products for pay
Term
Market-oriented Agriculture
Definition
crops are grown for sale, trade or services
Term
Commercial Industries
Definition
Produce goods in factories by machine; much is produced; workers paid ny hourly wage for work
Term
Command economy
Definition
Government determines what will be produced, how much is produced, price of good or commodity, who gets good or commodity
Term
Free Enterprise
Definition
Market (supply & demand) determines what will be produced, how much and price
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