economic strategies/systems

terms to know:

• laissez-faire / free trade

  • “hands off” governments

  • competition drives growth

• protectionism / protective tariffs

  • protecting domestic industries

• monopolies & trusts

  • monopoly: one individual controls it all

  • trust: a group has shares

• corporation

  • the group as a single legal entity

the three economic systems

• communism

  • everyone is the same

• socialism

  • you will get enough to survive (pity coins)

• capitalism

  • money money