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6 Cards in this Set
- Front
- Back
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Laissez faire |
The doctrine that states that government generally should not intervene in the marketplace |
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Private property |
Property owned by individuals or companies, not by the government or the people as a whole |
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Free enterprise |
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 |
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Continuum |
A range with no clear divisions |
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Transition |
Period of change in which an economy moves away from a centrally planned economy toward a market-based system |
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Private |
To sell state-run firms to individuals |
