Economics

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Last updated 2:22 AM on 5/17/26
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7 Terms

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Capitalism

Private individuals or businesses own the means of production and operate them for profit

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Communism

Abolition of private property in favor of public ownership of production

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Socialism

Collective or public ownership of the means of production, rather than private production

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Supply and Demand

Price goes up, demand goes down

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Fiscal Policy

Government spending and taxes

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Monetary Policy

Federal Reserve controls money supply

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Gross Domestic Product (GDP)

Total monetary value of all final goods and services produced in a time period