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sophiematthews on February 29, 2012
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19 terms
Terms | Definitions |
|---|---|
 Traditional Economy | an economy in which people exchange goods and services |
| Market Economy | an economy in which buyers and sellers decide what to make, how much to make, and for whom |
| Capitalism | a system in which buyers and sellers make their own choices about what to produce, how much to produce, and for whom |
| Factors of Production | the basic resources in an economic system |
| Capital | the means of production; money, factories, and machinery used to produce other goods and services |
| Entrepreneur | a person who organizes the other factors of production in order to produce goods and services and who risks his or her capital to own and run a business |
| Mixed Economy | an economy in which the government is involved in setting economic and social policies |
| Developing Nation | a nation whose economy is based on farming and the export of natural resources |
| Socialism | an economic system in which the government owns the basic means of production and decides how resources should be used |
| Nationalization | a characteristic of socialism in which the central government takes over certain industries, such as transportation and steel |
| Central Planning | the government of a country deciding how that country's resources will be used |
| Industrialization | the growth of industries such as manufacturing |
| Collectivization | the process of taking over privately owned property |
| Commune | a combination of small farms that have been taken over by the government |
| Technology | the use of science in business and industry |
| Trade Barrier | a block in international trade put in place by the government |
| Quota | allows only a certain amount of a good to be brought into a country during a certain time period |
| Subsidy | a government payment to the producer of a good or service |
| Free Trade | trade without barriers |
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