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CIV M6L1 Key Words

Civics Module 6 Lesson 1 Key Terms

TermDefinition
Economics The study of how people and countries obtain their needs and wants with limited resources.
Economic Systems The method used by a country to determine how best to influence trade and production of goods and services to meet the wants and needs of its people.
Laissez-faire Economics An idea that says the market should be left alone and the government should be hands-off.
Free Enterprise System The people are free to start a business and run it on their own with little government interference.
Capital Resources and raw materials needed to produce the goods and services of a country.
Capitalism The people or businesses own the capital privately and make money off of the goods and services they produce.
Command Economy The government owns most of the capital, goods, and services. The people have little to no say over the economy.
Traditional Economy The type of job a person does is passed down by tradition or custom.
Market Economy There is no government involvement in this economy. People trade goods and services on their own.
Mixed Economy Most goods and services are traded privately by the people, but there is some government involvement in this economy.
Fiscal Policy An economic tool used to influence spending or the production of through things like changes in tax policy.
Gross Domestic Product The measure of the economy based on the total amount of final goods and services produced in a year.
Communism A single group of people would own the property, goods, and services and there would be no need for government.
Socialism The way items are produced and sold are to be controlled and owned by society through the government.
Created by: dmcsorley13
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