an economic system that features private ownership of property and the means of production. Also referred to as capitalism
an economic system in which all of the means of production and distribution are controlled and owned by the society by a whole. Also referred as communism
an economic system in which the major means of production are owned or controlled by the government but private ownership of small businesses and private property are encouraged. Also referred as socialism
when a nation has the ability to produce more goods than other nations
wealth owned or used by a business
to manufacture metal money
although two nations can produce the same product one of the nations can produce it at a lower cost
a fee paid on the value of items brought into the country
debt; spending more money than earned
has to do with anything inside your own country
people are ableto create any legal busines, sell any product, and do anything that is legal to attract customers
Inherit (Inheritance Tax)
to receive property, money, etc. from an ancestor upon their death. The government levies an inheritance tax on the value of property
when two or more things influence, control, or rely upon each other
between or among nations
a business or activity that goes across state lines
all of the business or activity takes place within the state
Means of Production
all of the items necessary to produce a product
the raw materials that a nation possesses for wealth or industry
to gather all the resources and to divide up and pass out in a new manner
to control or govern
the amount of money that is earned or made
items that are short in supply or are hard to find
money given to a business to help it survive
a tax usually on imports and exports
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