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IB 200 - Loughlin
Chapter 4: Economic Systems and Development
16
Business
Undergraduate 2
10/01/2007

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Term
Economic System
Definition
Structure and processes that a country uses to allocate its resources and conduct its commercial activities.
Term
Centrally Planned Economy
Definition
Economic system in which a nation's land, factories, and other economic resources are owned by the government, which plans nearly all economic activity.
Term
Mixed Economy
Definition
Economic system in which land, factories, and other economic resources are rather equally split between private and government ownership.
Term
Market Economy
Definition
Economic system in which the majority of a nation's land, factories, and other economic resources are privately owned, either by individuals or businesses.
Term
Supply
Definition
how much businesses are willing to provide at a set selling price
Term
Demand
Definition
how much buyers are willing to buy at set price.
Term
Economic Development
Definition
Measure for gauging the economic well-being of one nation's people as compared with that of another nation's people.
Term
Purchasing Power
Definition
Value of goods and services that can be purchased with one unit of a country's currency.
Term
Purchasing Power Parity (PPP)
Definition
Relative ability of two countries' currencies to buy the same "basket" of goods in those two countries.
Term
Human Development Index (HDI)
Definition
Measure of the extent to which a people's needs are satisfied and the degree to which these needs are addressed equally across a nation's entire population.
Term
Developed Country
Definition
Country that is highly industrialized, highly efficient, and whose pepole enjoy a high quality of life.
Term
Newly Industrialized Country (NIC)
Definition
Country that has recently increased the portion of its national production and exports derived from industrial operations.
Term
Emerging Markets
Definition
Newly industrialized countries plus those with the potential to become newly industrialized.
Term
Technological Dualism
Definition
Use of the latest technologies in some sectors of the economy coupled with the use of outdated technologies in other sectors.
Term
Developing Country
Definition
Nation that has a poor infrastructure and extremely low personal incomes.
Term
Economic Transition
Definition
Process by which a nation changes its fundamental economic organization and creates new free-market institutions.
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