chapter 24 vocab charles

the practical application of science to commerce or industry
trade barrier
a block in international trade put in place by the government
quota system
a system that sets aside a certain number of jobs or admission openings for ethnic groups and women
a government payment to the producer of a good or service
free trade
trade without barriers
the process of taking over privately owned property
a combination of small farms that have been taken over by the government
developing nation
a nation whose economy is based on farming and the export of natural resources
an economic system in which the government owns the basic means of production and decides how resources should be used
a characteristic of socialism in which the central government takes over certain industries such as transportation and steel
central planning
the government decides how resources will be used
the growth of industries such as manufacturing
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
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
the capitalist system
factors of production
the basic resources in an economic system
means of production
a person who organizes the other factors of production in order to produce goods and services and risks capital to run and own a business
mixed economy
an economy in which the government is involved in setting economic and social policies