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Human Systems
Vocabulary
6
Geography
9th Grade
03/09/2010

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Term
Market Economy
Definition
An economic system in which people choose freely what to buy and sell.
Term
Free Enterprise
Definition
System that lets competition between businesses determine the price of products.
Term
Capitalism
Definition
An economic system in which business, industries, and resources are privately owned.
Term
Command Economy
Definition
An economic system in which the government decides what to produce, where to make it, and what price to charge.
Term
Communism
Definition
An economic and political system in which the government owns or controls almost all the means of production.
Term
Gross National Product(GNP)
Definition
The total value of goods and services that a country produces in a year.
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