Chapter 4 Industry

Geography
Economics
The science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind
Capital
Money used to build or operate business or industry
Capitalism
A free market economy in which anyone may go into business in an attempt to make profit; most businesses are privately owned instead of government owned
Free Market
A market in which business compete freely for buyers with little interference from the government
Socialism
Where the government owns the major industries and [promises to make production decisions for the welfare of society
Gross Domestic Product (GDP)
The value of all the goods and services produced by a country during a year
Per capita GDP
The Gross Domestic Product of a country divided by the number of people in the country
Value Added
Group of 7 (G-7)
Developed Country
A country that has a wide range of industries that take full advantage of the people’s skills
Developing Country
A country whose industries do not fully take advantage of its people’s skills
Market
People or businesses interested in buying a product
Export
To send goods out of the country
Import
To receive goods
Free Trade
Allows retailers the freedom to sell any products their customers want
World Trade Organization (WTO)
Organization that intends to supervise and liberalize international trade
Tariff
Import or export tax

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