Economic and Industrial Transformation Quiz

Mass movement of people from rural areas to cities during significant industrial growth.

Economic system where private ownership drives production and distribution, with limited government control.

Economic system where businesses aim to generate maximum profit within the framework of supply and demand.

Involves activities related to natural resource extraction, such as agriculture, mining, and forestry.

Combination of private enterprise with varying degrees of government regulation and involvement in the economy.

Contrary to the trend of interconnectedness, nationalism emphasizes national interests over global integration.

Shift from manufacturing to service-oriented industries as the primary source of economic activity.

Government dictates production, distribution, and pricing, centralizing economic decision-making.

Extreme and rapid inflation where prices increase uncontrollably, often leading to a loss of confidence in the currency.

Measures the economic output of a nation, regardless of the nationality of producers.

Measure of a country's economic performance, representing the total value of all goods and services produced within its borders.

Advocates for government intervention in the economy through fiscal and monetary policies to stabilize economic fluctuations.

Fundamental economic problem where limited resources cannot satisfy unlimited wants and needs.

Quantifies the change in quantity demanded relative to a change in price, indicating the sensitivity of consumers' buying behavior.