Key Economic Concepts

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Agrarian Revolution

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A big change in how people farmed in the 18th and 19th centuries, leading to new tools and methods that made farming more efficient and productive.

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Asian Tigers

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The economies of several Asian countries (like South Korea, Taiwan, Hong Kong, and Singapore) that grew very quickly and successfully.

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Bourgeoisie

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People who are wealthy but not from the nobility. They are usually merchants and business owners.

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Capitalism

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An economic system where businesses and industries are owned by private individuals for profit, rather than by the government.

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Cash Crop

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A crop grown specifically to be sold for money, rather than for the farmer to eat.

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Command Economy

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An economic system where the government makes all the decisions about what to produce and how to distribute it.

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Collective

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A group of people who work together or share resources, often seen in agriculture where farms are run jointly.

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Commune

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A group of people living together and sharing possessions and responsibilities. In some communist countries, it referred to a large collective farm or administrative unit.

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Communism

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A political and economic system where the government controls everything, aiming for a society where there are no social classes and everyone is equal.

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Globalization

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The increasing connection and interdependence of countries around the world through trade, communication, and culture.