• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/16

Click to flip

16 Cards in this Set

  • Front
  • Back
LAND, LABOR, AND CAPITAL
The factors of production which are required to produce goods and services.
COMMUNISM
The theory of a classless social system in which all property and means of production are owned in common.
IMPORT
A good or service purchased from a foreign country.
COTTAGE INDUSTRY
Business or industry in which goods are unique because they are produced primarily at home by family members using their own equipment.
INFLATION
Increase in the prices for goods and services.
MONOPOLY
When a single company controls a market or supply of a product and has no competitors.
MASS PRODUCTION
The manufacturing of products on a large scale, usually through the use of machines.
TRADITIONAL ECONOMY
An economic system still used by African tribes and that was used by Native Americans because people still make clothing and shelter almost exactly the same way as they did in the past.
SOCIALISM
A political or economic theory in which community members own all property, resources, and the means of production, and control the distribution of goods.
CAPITAL
Wealth or resources to invest in businesses.
POLETARIAT
The working class, especially those who lack capital and must sell their unskilled labor in order to survive.
LAISSEZ FAIRE
An economic policy or doctrine that opposes government interference in or regulation of business or commerce beyond what is necessary for a free-enterprise system to regulate itself.
PROTECTIONISM
Protecting domestic producers by limiting through tariffs or quotas, the import of foreign goods and services.
MARKET ECONOMY
An economy in which the setting of prices and allocating of resources are determined largely by the forces of supply and demand and that permits an open exchange of goods and services between producerts and consumers. Also known as free market.
SPECIALIZATION
When a business focuses on producing a limited number of goods and leaves the production of other goods to other businesses
EXPORT
The sending of goods to another country for sale or trade.