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Economic Terms

Capital Cash or goods used to start a business and make money
Collective, Non-free Market Economic System Governments make all decisions concerning the economy, and individuals have little or no say about what and how much to produce. Communism is an example of this economic system.
Entrepreneurs A person who creates, organizes, or manages a business
Free Enterprise System Economic system in which private individuals own most resources, technology, and businesses, and can operate them for profit with little control from the government.
Communism The government controls all major industries and decides what products can be produced and how many of each type of product will be produced.
GDP Per capita An approximation of the value of goods produced per person in a country, equal to the country's GDP divided by the total number of people in the country.
Gross Domestic Product (GDP) The value of all goods and services produced in a country during a period of time.
Manufacturing The making or producing of something by hand or by machine.
Service Industry Business that sell services rather than goods. (Examples~ amusement, recreation, education, health care, and household services).
Socialist A person who believes in an economic arrangement that emphasizes public or community ownership of property that produces goods and services.
Wholesale Industry The sale of goods in large quantities for the purpose of resale.
Created by: bbuslawski



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