Chapter 23 Vocabulary
Order by
18 terms
Terms | Definitions |
|---|---|
 traditional economy | an economy in which people exchange goods and services |
| market economy | an economy in which buyers and sellers make their own choices about what to produce how much to produce 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 |
| free enterprise | the capitalist system |
| private enterprise | another name of free enterprise |
| factors of production | the basic resources in an economic system |
| capitalism | a system in which buyers and sellers make their own choices about what to do produce, how much to produce, and for whom |
| 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 | the process of taking industry or assets into the public ownership of a national government or state |
| 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 |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.