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EconomyA society has to have a way to support the people. A way to make, buy and sell goods and services to satisfy their needs and wants.
Economic development is used to describe the level of society.
Levels of economic development Less developed - high poverty, low life expectancy, low literacy, agricultural economy
Newly Industrialized - rising urbanization, decreasing dependence on agriculture
Highly Developed - low rates of poverty, high GDP, high literacy and life expectancy
Economic Systems
Free Enterprise - a market economy, free choice of what/where you will sell and free to set your own price, motivated by profit
Socialist system:
Government decides what/how much to produce
Politics plays a role in this, not profits
Communist System:an economy where businesses are owned by the govt
Govt owns and controls all resources
No freedom of choice/no profit motive
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