Economic Vocabulary

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Globalization

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: The reduction of barriers to the movement of goods and services, workers, and money among nations.

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Laissez faire

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: French for "let do ..

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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.

2
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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

16
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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

18
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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

20
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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)