Chapter 2
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| Tradition | something that is passed down for one group to another
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| Traditional economy | an economy that does things as they were done in the past; custom and tradition determine questions
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| Ancestor | a person who lives before your time
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| Rural | away from the city
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| Command economy | an economy in which government leaders give the answers to the three economic questions
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| Heavy industry | large-scale production of basic items
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| Agriculture | farming
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| Consumers | goods everyday items that people purchase
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| Socialism | the belief that governments rather than individuals should own a country’s major industries
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| Utility | items such as electricity, water, or gas
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| Welfare | aid (money or goods for those in need)
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| Democracy | a government in which citizens take part
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| Representative | an elected leader who makes and carries out laws
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| Democratic socialism | a government in which the people have a say in government but in which the government owns the major industries
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| Communism | a government in which the government owns all property
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| Dictatorship | a government in which the people have no rights, one person or a small group of people rule the country by force and make all the laws
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| Profit | money left over after all the costs of production have been paid
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| Competition | a contest between businesses or individuals to sell a product or service
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| Invisible hand | adam smith's idea that competition acts like an invisible hand it pushes people to do what is best for themselves
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| Market | -a place where people come together to buy and sell
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| Capitalism | a system in which individuals and private businesses own and control production also called market economy
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| Market | economy a system in which individuals and private businesses own and control production also called capitalism
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| Incentive | something that makes a person take an action
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| Mixed economy | an economy in which there is a blend of economic systems government share in the decision-making process
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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