Economic Vocabulary

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24 Terms

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Globalization
________: The reduction of barriers to the movement of goods and services, workers, and money among nations.
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Laissez faire
________: French for "let do ..
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Bourgeoisie
________: French for "town dweller ..
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Capital
________: Wealth (money, gold & silver, stocks, bonds)
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Proletariat
________: Workers, working- class people.
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Subsidy Subsidize
________: Government provides financial support (to business or public need)
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Market economy
________: Operate in response to the laws of supply and demand and to market forces such as the scarcity of goods and resources.
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Gross Domestic Product
________: The sum of all goods and services produced in a country within one year.
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Command economy
________: Operate at the will of the government.
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Economic System
________: a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.
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Traditional Economy
________: People are concerned mainly with obtaining food, clothing, shelter, and other necessities.
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Economics
The study of how people satisfy their wants and needs
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Traditional Economy
People are concerned mainly with obtaining food, clothing, shelter, and other necessities
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Command economy
Operate at the will of the government
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Market economy
Operate in response to the laws of supply and demand and to market forces such as the scarcity of goods and resources
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Globalization
The reduction of barriers to the movement of goods and services, workers, and money among nations
17
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Economic System
a system of production, resource allocation and distribution of goods and services within a society or a given geographic area
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Bourgeoisie
French for "town dweller."
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Gross Domestic Product
The sum of all goods and services produced in a country within one year
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Laissez-faire
French for "let do."
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Means of production
The facilities and resources for producing goods
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Proletariat
Workers, working-class people
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Subsidy/Subsidize
Government provides financial support (to business or public need)
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Capital
Wealth (money, gold & silver, stocks, bonds)