An example of the means of production in an economy
In this type of economy, the government owns the factories
Adam Smith used this phrase to describe competition in the marketplace
In this type of government, power is passed down through families
In this economic system, the government does not get involved in the economy
In socialist economies, wealth is divided ______________________.
Voting is an important element of this type of government
a time of big changes
the way something is made to happen; resources
one of the two countries that engaged in the Cold War
Democracy is the ______________________ system in the U.S.
In a capitalist society, the means of production are ______________________ owned.
Earning money for work is known as wage ___________________.
Capitalism is based on a free __________________.
things people by and sell
Under communism, there is no private ___________________.
new or recent
people living together in an organized community
a large land mass
France and Spain are on this continent
Washington, D.C. is closest to this ocean
Japan and Hawaii are islands in this ocean
the totality of the changes in economic and social organization that began about 1760 in England and later in other countries, characterized chiefly by the replacement of hand tools with power-driven machines, as the power loom and the steam engine, and by the concentration of industry in large establishments
a supply of goods kept on hand for sale to customers by a merchant, distributor, manufacturer, etc.; inventory
a tract of land surrounded by a fence
an association of individuals, created by law or under authority of law, having a continuous existence independent of the existences of its members, and powers and liabilities distinct from those of its members
Crop rotation is the practice of growing a series of dissimilar or different types of crops in the same area in sequenced seasons. It helps in reducing soil erosion and increases soil fertility and crop yield
Adam Smith was a Scottish moral philosopher, pioneer of political economy, and a key figure in the Scottish Enlightenment. Smith is best known for two classic works: The Theory of Moral Sentiments, and An Inquiry into the Nature and Causes of the Wealth of Nations
the large-scale introduction of manufacturing, advanced technical enterprises, and other productive economic activity into an area, society, country, etc
an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth
a building or group of buildings with facilities for the manufacture of goods
a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole
Karl Marx was a German philosopher, economist, sociologist, journalist and revolutionary socialist
a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk
a group of states or nations united into one political body
to deal a blow or stroke to (a person or thing), as with the fist, a weapon, or a hammer; hit
of, relating to, or characteristic of the middle class; bourgeois
Marxists tried to ignite revolution among this group, who were the growing class of factory and railroad workers, miners, and urban wage earners.
Councils of workers and soldiers.
Communist party officials assigned to the army to teach party principles and ensure party loyalty.
The Soviet Union developed this type of economy, in which government officials made all basic economic decisions.
State owned farms, large farms owned and operated by peasants as a group.
Wealthy peasants who Stalin sought out to destroy.
In this form of government, a one-party dictatorship attempts to regulate every aspect of the lives of its citizens.
The belief that there is no God, an official state policy regarding religion.
This was instated to boost socialism by showing Soviet life in a positive light.
This man set up 5 year plans to make Russia into a modern industrial power.
This man was the leader of the Russian Bolshevik Party. He promised peace, bread, and land.
Counterrevolutionaries who remained loyal to the czars.
In this reign of terror, Stalin and his secret police cracked down and killed many. Old Bolsheviks party activist from the early days. Stalin and his secret police did this due to Stalin's obsessive fears that rival party leaders were plotting against him.
This was the name of the communist party newspaper. This word also means Truth.
A group led by Lenin who soon became the dominant political power.
A man convicted in a seven-minute trial for being accused of drawing anti-Stalin caricature.
This represented industrial workers to the Soviet Union.
This represented agricultural worker to the soviet union.
an economic system in which individuals are free to compete and earn a living
an economic system in which buyers and sellers are free to exchange goods and services
a desire to make a profit
when you put money into a business
The exclusive right granted by law, to publish or sell a written, musical, or artistic work
Gives a person the exclusive right to make and sell an invention
law that states businesses will provide more products when they can sell them at higher prices
law that states buyers will demand more products when they can buy them at lower prices
Money invested in buildings, machines, and other property used to produce goods
Businesses owned by one person
organizations that provide goods and services without seeking a profit
Businesses where two or more people share responsibilities
Corperation profits paid to stockholders
Another form of business organization
people who buy corporate stocks
money a person pays to use something
Total amount of money made after deductions
total amount of money made before deductions
human effort used to produce goods and services
The amount of work produced by a worker per hour
The decision makers of a business
An economic system based on private ownership of the meens of production
Companies that control all production of a good or service
this occurs when two or more companies combine to form one company
A form of business organization in which several companies create a board of trustees so they no longer compete with eachother
An economic system that combines elements of free and command economies
production is based on customs and traditions usually passed down
government owns almost all of the capital, tools, and equipment
Limited quantities of resources to meet unlimited wants.
Resources that are used to make ALL goods and services.
Food, air, and shelter and attention we desire.
The most desirable alternative given up as the result of a decision.
An alternative we sacrifice when we make a decision.
Natural resources that are used to make goods
The effort that a person devotes to a task for which that person is paid.
Any human-made resource that is used to produce other goods and services.
The process of designing, launching, and running a new business.
use an economy's resources.
Satisfaction or utility that a person receives from consuming an additional unit of a good or service.
The cost of producing one more unit of a good.
The concentration of the productive efforts of individuals and firms on a limited number of activities.
elimination of government power in a particular industry, usually enacted to create more competition within the industry.
the state or quality of producing something, especially crops.
Situation in which allocation of goods and service is not efficient
theoretical socially-enforced constructs in economics for determining how a resource or economic good is used and owned.
service that is provided without profit to all members of a society, either by the government or a private individual or organization
product that must be purchased to be consumed, and its consumption by one individual prevents another individual from consuming it.
Where the government, rather than the free market, determines what goods should be produced
economic system consisting of a mixture of either markets and economic planning, public ownership and private ownership, or free markets and economic interventionism.
Economic system based on private ownership of the means of operation for profit
Economic system in which the central government makes all decisions on the production and consumption of goods and services
The struggle among producers for the dollar of consumers, the rivalry Long sellers to attract consumers while lowering the cost
Person or over not Seshan that uses economic services f person or over notation that uses economic services or commoditives
Goods that are ultimate rather than use in production of another good
The removal of some government controls over at market
Economic systemsThe method used by S a society to produce and distribute goods and services
Using resources in such a way as to Max the production of goods and services
The power of the government to take private property and convert it to public use
Concept or idea of fairness in economics
Freedom to prosper within a country without the intervention from the government or the economic author
Increase the amount of the population over period of time
The act of redirecting resources from being consumed today so that they may create benefits in the future, the use of assets to earn the income or profit
Economic systems in which decisions on production and consumption of goods and services are based on voluntary exchange and markets
Entitlement program that benefits low income families, some people with disabilities and elderly people in nursing homes
National health insurance program that helps pay for health care for people over the age of 65, or who have certain disabilities
Economic system that combines the free market with very limited government
The cost that is suffered by a third-party as a result of an economic transaction
License that gives a inventor of a new product the exclusive right to sell it for a certain period of time
Occurs when the consumption of the production of a good calls a benefit to a third-party
The sale or transfer of state owned businesses to an individual
Value of an output produced
The force that encourage people and organizations to improve their material well-being
Right theoretical search showing in force constructs in the economics for determining how a resource or economic good is used and owned
Programs and Stabley S-t by the US government to provide housing for low income families, disabled people, and the elderly
The business of supplying a common the or ser The business of supplying a commodity or service. Service rendered in public interesr
Financial instrument that represents an ownership of possession in a publicly Financial instrument that represents an ownership of possession in a publicly trade corporation, I created your relationship with the government body, right to ownership as a representative
the era when the use of power-driven machinery was developed
a process in Europe from 1700's to the mid 1800's where landowners fenced small fields to create large farms, allowing for more efficient farming
the basic resources for industrialization, such as labor, land and capital
a usually small-scale industry carried on at home by family members using their own equipment
developing industries for the production of goods
a place where goods are manufactured in mass quantity
an organization representing worker's interests
a work stoppage
the system of manufacturing large numbers of identical items
identical machine-made parts that can be substituted for each other in manufacturing
a mass-production process in which a product is moved fowrd through many work stations where workers perform specific tasks
a buisness system where companies are allowed to conduct a buisness without interference by the government
a risk taker who starts a buisness system within the economic system of capitalism
a political and economic system in which society, usually in the form of government, owns the means of prodution
economic and political system in which government owns the means of production and controls economic planning
a meausure of the quality of living
A series of economic expansion and contractions.
Human made items that are used to produce goods
A socialist or communist economy in which the government controls the goods and distribution of goods
Based on the one party rule.
A measure of the change in cost of the goods and services most commonly bought by consumers
A deep and long lasting contradiction; creates unemployment
An official ban on trade or other commercial activity with a certain country
The private ownership of the means of production, free markets, and the right of individuals to make most economic decisions
The market value of all the goods and services produced in a nation within a specific time period.
The use of government spending to encourage economic activity through increasing the demand for goods
A policy where the government cannot not interfere in business matters
The belief by the of a society that something is proper and has the consent of the governed
The amount of money that employers may legally pay their employees
A situation in which any one seller controls production and supply or pricing of a product
The money owed by a national government
The government owns and controls capital and also sets prices.
The capital raised by a business through subscription of a piece of a corporation bought by the consumer
Where stocks and bonds are traded
A work stoppage by employees in order to gain better benefits
Government policies designed to stimulate the production of goods.
The number of people who are out of work possibly due to a depression
Income paid by the government to people who need the money to live
The government has no control of natural resources and capital goods
The level of wealth, comfort and material goods
The relationship between the output of goods and services and the input of resources
Type of economic system relying on habit, custom, and ritual.
organized way a society provides for the needs and wants of its people.
A central authority is making all of the decisions economically
System in which he government owns some but not all of the factors of production
the what, how, and for whom is answered by the people in this economic system.
System in which some combination of all three economic systems exist.
GDP per person
Conversion of state owned factories to private ownership
certificates that could be used to buy government owned property
forced common ownership of all agricultural and industrial enterprises
market in which goods and services are sold illegally
occurs when individual workers focus on single tasks, enabling each worker to become more efficient and productive
the worker, firm, region, or country with the lowest opportunity cost of producing an output should specialize in that output
the ability to make something using fewer resources than other producers require
the laws, customs, manners, conventions, and other institutional underpinnings that encourage people to pursue productive activity
an expansion of the economy's production possibilities, or ability to produce
each additional increment of one good requires the economy to give up successively larger increments of the other good
producing the maximum possible output from available resources, meaning the economy cannot produce more of one good without producing less of the other good
an economic system shaped largely by custom or religion production possibilities frontier- shows the possible combinations of two types of goods that can be produced when available resources are employed efficiently
an economic system in the process of shifting from central planning to competitive markets
describes the U.S. economic system, where markets play a relatively large role
an economic system that mixes central planning with competitive markets
an economic system in which all resources are government-owned and all production is directed by the central plans of government
an economic system with no government so that private firms account for all production
the set of mechanisms and institutions that resolves the what, how, and for whom questions for an economy
the doctrine that states that government generally should not intervene in the marketplace "let them do as they please"
property owned by individuals or companies, not by the government or the people as a whole
an economic system characterized by private or corporate ownership of capital goods; investments that are determined by private decision rather than by state control; and determined in a free market
to sell state-run firms to idividuals
large farm leased from the state to groups of peasant farmers
requiring strict obedience to an authority, such as a dictator
a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government
a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society
the powers of the consumers to decide what gets produced
term economists use to describe the self-regulating nature of the marketplace
the struggle among producers for the dollars of consumers
an expectation that encourages people to behave in a certain way
The products and services created by producers
The wants and needs of consumers for products and services
In economics, rivalry among producers to sell products
In economics, the idea that land, labour and capital, limit the supply of what people want and need
Money made from a product or service
An economic theory, about goods and services and why people buy things
An organization of workers that protects workers' rights and interests
A period of temporary economic decline
The exclusive possession or control of the supply or trade in a service
The activity of producing advertisements for commercial products or services
A system of government in which most of the important decisions are made by government officials
A fixed, regular payment
Work, especially hard physical work
A stock or supply of money, materials, staff, etc.
Wealth in the form of money owned by a person or organization
Those who create products and services
Those who use products and services
What’s best for society as a whole
In economics, the part of the economy owned and controlled by government and paid for by taxes
In economics, the part of the economy owned and controlled by businesses and individuals
The resources and processes involved in the production, distribution and consumption of goods and services
The way a society organizes the production, distribution and consumption of goods and services
The study of the production, distribution and consumption of goods and services
A type of economy in which some central authority makes a wide range of decisions pertaining to production and wages. EX: The former Soviet Union
an economic system where the laws of supply and demand direct the production of goods and services
An economic system combining private and public enterprise.