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7th grade Econ III

more demanding vocabulary

TermDefinition
Recession a period of reduced economic activity lasting for at least 6 months
depression a period of economic decline that is longer and more severe than a recession
Capitalism economic system in which trade, industry, and the means of production are privately owned and operated for profit. Based on competition rather than cooperation
capital money or other form of wealth that can be invested in some profit-making enterprise
Communism economic system in which the government owns all or most property and people work and are paid according to their abilities and needs. Based on cooperation rather than competition
Socialism economic system in which the government owns much of the means of production or strongly regulates it. Based on cooperation
merit the quality of deserving success
Democracy a system where decisions are made based on the will of the citizens expressed through their elected representatives.
autocratic relating to a system where the ruler has absolute or almost absolute power
political freedoms freedoms necessary to participate fully in public life eg. freedom of speech, freedom of religion, freedom of assembly etc.
Credit purchasing some good or service by promising to pay for it in installments over time until the full purchase price is paid plus interest
interest an extra charge on the purchase of a good or service on credit, a charge for borrowing money
consumer the end user of a product
producer a person or company that makes, grows, or supplies goods for sale
business cycle cyclical boom and bust in a nation's economic activity
externality a cost of production that is not paid by the consumer. It is paid by a third party who gets no benefit from the product. Ex. pollution from a factory affects people living far downstream
profit Money from a company's income that is left over after all the company's bills have been paid
The Greek word "Demos" (DEMOcracy) means ______________ "The People"
The Greek word "Cratos" (demoCRACY) means ______________ "power" or "strength"
Translated from the Greek, the word Democracy means ______________ "The People Rule"
Created by: football09
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