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Chapter 16: Economic Groups and systems

Terms in this set (10)

economic system
social institution that provides for the production, distribution, and consumption of goods and services
capitalism
based on private ownership
Socialism
based on state ownership/regulated, socialist economy is planned--gov. decides what goods society needs & controls what is produced & sets the prices
mixed economies
both private and public ownership and are often referred to as welfare capitalism or democratic socialism
communism
based on collective ownership by all the citizens of a society. All property should be held in common & that distribution of goods & services should be =. People control economy
free market society
nobody touches them, no government interference what so ever. all people are free to buy, sell, and make a profit. Reason why capitalism is closely associated with freedom
welfare capitalism
state owns industries most vital to the country's well-being (railroads & comm. industry). Most crucial needs like medical care & education are paid for by tax dollars
primary workers
those who grow food, fish, mine, and produce raw materials
secondary workers
people who work to produce manufactured goods
Tertiary labor force
service workers-- police, doctors, lawyers
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