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Chapter 2

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Term
Definition
show something that is passed down for one group to another  
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show an economy that does things as they were done in the past; custom and tradition determine questions  
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show a person who lives before your time  
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Rural   show
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show an economy in which government leaders give the answers to the three economic questions  
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show large-scale production of basic items  
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Agriculture   show
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Consumers   show
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show the belief that governments rather than individuals should own a country’s major industries  
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Utility   show
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show aid (money or goods for those in need)  
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Democracy   show
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show an elected leader who makes and carries out laws  
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Democratic socialism   show
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Communism   show
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Dictatorship   show
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show money left over after all the costs of production have been paid  
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Competition   show
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show 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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show -a place where people come together to buy and sell  
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Capitalism   show
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show economy a system in which individuals and private businesses own and control production also called capitalism  
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Incentive   show
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Mixed economy   show
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