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10 Cards in this Set
- Front
- Back
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a building, structure, machine or tool that is used to produce goods or services
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captial good
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the expansion of an economy's amount of capital goods
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capital accumulation
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trade among nations that is not restrained by protective tariffs or other governmental restrictions
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free trade
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a system in which private business operated with minimal government involvement
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free enterprise
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an economy in which the government has little say in what, how, or for whom goods are produced
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market economy
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an economy in which the government has significant control over what, how, and for whom goods are produced
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command economy
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the act of returning property or functions previously owned or performed by the government to the private sector
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privatization
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property that is owned by individuals and businesses rather that by the government
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private property
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one in which the government owns and controls nearly all of the factors of production
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socialized economy
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the organizational abilities and risk-taking involved in starting a new business or introducing a new product into the market place
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entrepreneurship
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