US.U2.Vocabulary

An economic system where trade and industry are controlled by private owners for profit, rather than by the government. Fill in the blank: __________

• Capitalism

• Socialism

• Feudalism

• Communism

An economy that operates on the basis of supply and demand, where individuals and businesses have freedom to buy, sell, and produce goods and services based on self-interest. Fill in the blank: __________

• Free market

• Command economy

• Traditional economy

• Mixed economy

The amount of a good or service available for sale (implied through discussion of market economies; not directly defined). Fill in the blank: __________

• Supply

• Demand

• Price

• Revenue

The desire for a good or service backed by the ability to pay (implied through free market economy discussion; not directly defined). Fill in the blank: __________

• Demand

• Supply

• Production

• Consumption

The process of producing large quantities of the same product quickly and efficiently, often using an assembly line. Fill in the blank: __________

• Mass production

• Handcrafting

• Customization

• Batch cooking

The agricultural practice of moving crops from one tract of land to another each year to maintain soil quality is called:

• Crop rotation

• Monoculture

• Irrigation

• Deforestation

Creating flat segments of land with borders that retain moisture, allowing for efficient planting and harvesting. Fill in the blank: __________

• Terracing

• Irrigation

• Deforestation

• Crop rotation

A policy or attitude of letting things take their own course without interference; in economics, it refers to minimal government intervention in business and. Fill in the blank: __________

• Laissez-faire

• Protectionism

• Mercantilism

• Socialism

The activity of taking on financial risk to organize resources and start a new or improved good or service in hopes of profit. Fill in the blank: __________

• Entrepreneurship

• Accounting

• Marketing

• Management

Exclusive control of a product or service in a particular market, often leading to lack of competition. Fill in the blank: __________

• Monopolies

• Oligopolies

• Franchises

• Partnerships