Term
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Definition
| a form of government in which the people elect leaders and rule by majority |
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Term
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Definition
| a political system in which the government owns all property and dominates all aspects of life in a country |
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Term
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Definition
| a system based on private ownership, free trade, and competition |
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Term
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Definition
| a system in which the central government makes all economic decisions |
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Term
| gross domestic product (GDP) |
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Definition
| the value of all goods and services produced within a country in a single year |
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Term
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Definition
| countries with strong economics and a high quality of life |
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Term
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Definition
| countries with less productive economies and a lower quality of life |
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