Unit 6 Vocab Review

Front

Method of production where tasks are done by individuals in rural homes.

Back

Cottage Industry

Front

Large-scale manufacturing operation employing many people, producing goods.

Back

commercial industry

Front

Growing crops or livestock for profit

Back

Commercial agriculture

Front

Farming that meets a family's basic needs with little surplus.

Back

Subsistence agriculture

Front

System where tradition controls economic activity

Back

traditional economy

Front

A system where individuals/groups own property/businesses and profit with limited government interference.

Back

free enterprise (market)

Front

Economic resources shared equally by citizens through a democratically-elected government.

Back

socialism

Front

Property and economic resources are owned and controlled by the state.

Back

Communism

Front

Setting up businesses in other countries to produce parts/products for domestic use or sale.

Back

Outsourcing

Front

Expansion of economic, political, and cultural processes to a global scale.

Back

globalization