Economy Vocab Words

Capitalism

refers to the creation of wealth and ownership of capital,production,and distribution

Free Market System

has to do with the exchange of wealth or goods and services.

Mercantilism

belief in the benefits of profitable trading; commercialism.

Socialism

a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

sustainable development

economic development that is conducted without depletion of natural resources.

renewable resource

a natural resource that can be replaced

nonrenewable resource

a resource that cannot be replaced

inexaustible resource

an energy source that can't be used up by humans

Economic Spectrum

a trade-off between maximizing resource acquisition and productivity or maximizing resource conservation and longevity

factors of production

land, labor, capital, entrepreneurship

Communism

a form of socialism that abolishes private ownership

sustainable agriculture

meeting society's food and textile needs in the present without compromising the ability of future generations to meet their own needs.

Substance agriculture

a type of farming in which farmers grow just enough food to provide for themselves and their families

cottage industry

a method of production in which tasks are done by individuals in their rural homes

Capital

durable produced goods that are in turn used as productive inputs for further production of goods and services.