Economics Ch. 19 Test

Flashcards for chapter 19

12 cards   |   Total Attempts: 182
  

Cards In This Set

Front Back
Developed nations
Nations with relatively high standards of living and economies based more on industry than on agriculture
Developing nations
Nations with little industrial development and relatively low standards of living
Subsistence agriculture
Growing of just enough food by a family to take care of its own needs; no crops are available for export or to feed an industrial worker
Infan mortality rate
Death rate of infants who die during the first year of life
Confiscation
Taking over industries by governments without paying for them
Foreign aid
Taking over industries by governments without paying for them
Foreign aid
Funds, goods, and services given by governments and private organiztions to help other nations and their citizens
Economic assistance
Loans and outright grants of funds or equipment to other nations
Technical assistance
Aid in the form of engineers, teachers, and technicians to teach skills to individuals in other nations
Military assistance
Aid given to a nation's armed forces
Bureaucracies
Offices and agencies of the government that deal witha specific area
Five-year plans
Centralized planning system that used to be the basis for China's economic system; eventually was transformed to a regional planning system leading to limited free enterprise