Understanding Key Economic Concepts

Front

What are the "Factors of Production"?

Back

The resources used to produce goods and services

Front

What is "Capitalism"?

Back

An economic system where trade and industry are controlled by private owners for profit

Front

What does "Socialism" mean?

Back

A system where the government owns and controls the main industries

Front

What is a "Labor Union"?

Back

An organization of workers formed to protect their rights and interests

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What does "Urbanization" refer to?

Back

The movement of people from rural areas to cities

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What is "Imperialism"?

Back

A policy of extending a country's power and influence through colonization or military force.

Front

What does "Social Darwinism" mean?

Back

A theory that applies the concept of "survival of the fittest" to human societies

Front

What was the "Opium War"?

Back

A conflict between China and Britain over the opium trade

Front

What is a "Sphere of Influence"?

Back

An area where a country has power to affect developments although it has no formal authority.

Front

What is "Communism"?

Back

A system where the government owns all property and each person works and is paid according to their abilities and needs