Market Economy; it allows more freedom for buying and selling goods
The Value of all goods and services produced in a country in a single year
Developed countries are industrialized with strong economies, good education, high literacy rates, good health care, access telecommunications.
Developing countries are less industrialized, have weaker and poorer economies, less access to education, health care and telecommunications.
Types of Government Economic Systems Economic Development Democracy Capitalism – Free Market Economy Free Enterprise – own, operate, and profit from their own Business Communist Communism Command Economy Government controls all economic decisions Socialist Socialism Market Economy and Command Economy Government owns the basis of Business Transportation Communication while allowing people to own their own businesses