Unit 2 Vocabulary
Market Economy- noun: An economy where private individuals and groups decide what goods are made, who will make them and who will get the finished goods.
Communism- noun: A political system in which the government controls the production of all food and goods, and there is no privately owned property
Socialism- noun: An economic and political system in which large industries are owned by the government, and taxes are used to take some wealth away from richer citizens and give it to poorer citizens
Dictator- noun: A ruler who has complete power over a country, especially when their power has been gained by force:
Dictatorship- noun: Government by a ruler who in not a member of the nobility (a king or queen), but has complete power:
Free Enterprise- noun: the freedom for companies to control their own business without being limited by the government very much:
Capitalism- noun: An economic and political system in which businesses belong mostly to private owners, not to the government
Laissez-Faire- noun: the principle that the government should not control or interfere with businesses or the economy
Mixed Economy- noun: An economy that has some economic decisions made by a central authority or government and some made by individuals and groups
Feudalism- noun: a social system in the Middle Ages, in which people received land and protection from someone of higher rank whom they worked and fought for