Vocabulary(People’s Republic of China)

Unit 7: East Asia

An economic system in which the central government controls industry such that it makes major decisions regarding the production and distribution of goods and services.

Command Economy:

Something new or different introduced.

Innovation:

The total knowledge and skills available to any human society for industry, art, science, etc.

Technology:

Is a national economic policy that says that a nation benefits by accumulating monetary reserves through a positive balance of trade, especially of finished goods.

Mercantilism:

Is loyalty to the interests of one's own region or section of the country, rather than to the country as a whole.

Sectionalism:

Occurs whenever any one or more species populate an area.

Colonization: