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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

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