Economic Vocabulary

Globalization

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

Laissez faire

________: French for "let do ..

Bourgeoisie

________: French for "town dweller ..

Capital

________: Wealth (money, gold & silver, stocks, bonds)

Proletariat

________: Workers, working- class people.

Subsidy Subsidize

________: Government provides financial support (to business or public need)

Market economy

________: Operate in response to the laws of supply and demand and to market forces such as the scarcity of goods and resources.

Gross Domestic Product

________: The sum of all goods and services produced in a country within one year.

Command economy

________: Operate at the will of the government.

Economic System

________: a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.

Traditional Economy

________: People are concerned mainly with obtaining food, clothing, shelter, and other necessities.

Economics

The study of how people satisfy their wants and needs

Traditional Economy

People are concerned mainly with obtaining food, clothing, shelter, and other necessities

Command economy

Operate at the will of the government

Market economy

Operate in response to the laws of supply and demand and to market forces such as the scarcity of goods and resources

Globalization

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

Economic System

a system of production, resource allocation and distribution of goods and services within a society or a given geographic area

Bourgeoisie

French for "town dweller."

Gross Domestic Product

The sum of all goods and services produced in a country within one year

Laissez-faire

French for "let do."

Means of production

The facilities and resources for producing goods

Proletariat

Workers, working-class people

Subsidy/Subsidize

Government provides financial support (to business or public need)

Capital

Wealth (money, gold & silver, stocks, bonds)