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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)
Note 
Flashcard (201)