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6 Cards in this Set
- Front
- Back
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Laissez Faire
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the doctrine that states that government generally should not intervene in the Marketplace.
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Private Property
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Property owned by individulas/companies not by governemnt or people as a whole
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Free Enterprise
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An Economic System chacterized by private or corprate ownership of caital goods; investments that are determined by private decision rather than by state control; and determined in a free market
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continuum
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A range w/ no clear divisions
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Transition
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A period of chnage in which an economy moves away from centrally planned economies toward a maket based economie
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Privatize
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to sell state run firms to individuals
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