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7-1.4 Burnette


Capitalism a type of economy in which the means of production (land, factories, and natural resources) are privately owned and operated for profit in a competitive market
Middle Class a group of merchants and artisans who earned their income (money) by investing or working in commerce (trade)
Profit making money; when a business or person sells a good (product) or service for more money than it cost them to make or acquire (get)
Economy the organized way in which a people produce, sell, and buy goods and services
Mercantilism the theory that a nation became richer and more powerful by regulating trade so that it had a favorable balance of trade (having more valuable exports than imports) so it could build up its supplies of bullion (gold and silver)
Government the system through which a nation, state, or community is ruled; how power is given, shared, and exercised
Regulate when the government controls something or sets up rules saying how it can be done
Merchants persons who buy and sell goods (products) for profit (to make money)
Market Economy a system in which individual buyers and sellers interact in the marketplace to exchange (trade) goods and services (goods: products or things; services: work done or provided for a fee (payment)
Competitive Market when two or more businesses are competing to make the product or provide the service that is best or costs the least amount of money
Wages money paid for labor or work
Natural Resosurces materials such as minerals, forests, water, and land found in nature and used by man
Prerequisite something that has to happen before something else can happen
Supply and Demand determines the price of a good or service in a free market; when demand is greater than supply, prices rise; when supply is greater than demand, prices fall.
Means of Production factories, land, and natural resources used to make products (goods)
Joint Stock Company where people pooled (put together) their money so that larger enterprises (businesses) were possible and their risk was limited; they made capitalism more practical (doable)
Free Enterprise the freedom of private business to compete for profit without government involvement
Commercial Revolution when European countries began to buy and sell large quantities (amounts) of goods over long distances; it led to booms and busts (high and low points) in economies, and people began to work for wages (money)
Private Property land or belongings owned by a person or group and not the government
Pure Capitalism a type of capitalism where property is privately held, businesses have the freedom to act as they want, and the government does not or only rarely interferes with business
Social Market Capitalism a type of capitalism in which the government provides forms of social security, unemployment insurance, and recognition of labor rights while most businesses are still privately owned
Mixed Economy an economy which has components (parts) of social market capitalism, along with strong government regulation of business, and the government tries to control the economy through taxes, spending, setting interest rates, and adjusting the money supply
Created by: oburnette



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