UNIT 4 VOCAB REVIEW

A large-scale manufacturing operation that employs many people and produces large quantities of goods.

• manufacturing industry

• commercial industry

• cottage industry

• traditional economy

A method of production in which tasks are done by individuals in their rural homes.

• subsistence agriculture

• communism

• commercial industry

• cottage industry

A system in which tradtion and custom control all economic activity.

• free enterprise

• free trade zone

• communism

• traditional economy

All property and economic resources are owned and controlled by the state, rather than individual citizens.

• command economy

• infrastructure

• free enterprise

• traditional economy

Growing large quantities of crops or livestock in order to sell them for a profit.

• subsistence agriculture

• commercial agriculture

• traditional economy

• communism

A system in which private individuals or groups have the right to own property or businesses and make a profit with limited government interference.

• communism

• free market

• socialism

• traditional economy

Farming that provides the basic needs of a family with little surplus.

• commercial agriculture

• traditional economy

• subsistence agriculture

• socialism

The expansion of economic, political, and cultural processes to the point that they become global in scale and impact.

• outsourcing

• globalization

• surplus

• socialism

Sending jobs to other countries where they can be completed for less money

• outsourcing

• globalization

• free enterprise

• traditional economy

A region where a group of countries has agreed to reduce or eliminate trade barriers.

• free market

• surplus

• free trade zone

• 5 year plan