Government Chapter 26
vocab review
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a planned, but sudden grab for power
COUP
•
a planned, but sudden grab for power
•
farm in which the land is owned by the
government but rented to a family
COLLECTIVE FARM
•
farm in which the land is owned by the
government but rented to a family
•
the sum of all goods and services
produced in a nation in a year
GROSS NATIONAL PRODUCT
•
the sum of all goods and services
produced in a nation in a year
•
farm owned by the government and run
like a factory, with farm workers being
paid wages
STATE FARM
•
farm owned by the government and run
like a factory, with farm workers being
paid wages
•
a nation only beginning to develop
industrially
DEVELOPING NATION
•
a nation only beginning to develop
industrially
•
a nation that has an economic system,
such as socialism, that provides many
welfare programs
WELFARE STATE
•
a nation that has an economic system,
such as socialism, that provides many
welfare programs
•
a nation that has had significant or rapid
industrial growth in recent years
NEWLY DEVELOPED NATION
•
a nation that has had significant or rapid
industrial growth in recent years
•
the process by which a government
takes control of industry
NATIONALIZATION
•
the process by which a government
takes control of industry
•
a condition that exists because society
does not have all the resources to
produce all the good and services that
everyone wants
SCARCITY
•
a condition that exists because society
does not have all the resources to
produce all the good and services that
everyone wants
• a person who takes a risk to produce
goods and services in search of profit
ENTREPRENEUR
• a person who takes a risk to produce
goods and services in search of profit
• economic system in which customs dictate
the rules for economic activity
TRADITIONAL ECONOMY
• economic system in which customs dictate
the rules for economic activity
a business that controls so much of an
industry that little or no competition exists
MONOPOLY
a business that controls so much of an
industry that little or no competition exists
an economic system in which the
government controls the factors of
production
COMMAND ECONOMY
an economic system in which the
government controls the factors of
production
• the difference between the amount of
money used to operate a business and the
amount of money the business takes in
PROFIT
• the difference between the amount of
money used to operate a business and the
amount of money the business takes in
• an economic system which allows buyers
and sellers acting in their individual
interests to control the factors of
production
MARKET ECONOMY
• an economic system which allows buyers
and sellers acting in their individual
interests to control the factors of
production