1. Ch. 23- Section 2- The Economy New Economy- 1949- China- communism- no competition, no profit motive, public ownership- means of production

2. The Economy continued Changes made to economy An industrialized nation Increase trade Free enterprise system introduced 1980- China “opens” its doors Invest- put money into businesses Farmers grow and sell own crops Consumer goods- household products, personal items

3. The Economy continued Big gap- haves- $ and have nots- no $ Problem- pollution Economic regions North- mfg, mining, fishing, farming, coal, Iron ore, petroleum, tungsten- metal- electrical equipment Beijing- capital and major industrial city

4. The Economy continued South Terraced fields- strips of land cut out of the hillside like stair steps Rice- major crop West- grazing- yaks Coal, petroleum Iron ore, cotton, wheat