| A | B |
|---|
| factors of production | resources used to make all goods and services |
| capital | human made resources that are used to produce goods and services |
| capitalist | person who ownls large business or factories |
| entrepreneur | individual who starts business |
| free enterprise system | private ownership of capital goods and investment |
| supply and demand | economic laws that dictate production and prices of goods |
| monopoly | control of a market for a certain good or service |
| trust | several corporations conspire to restrain trade |
| laissez faire | government should be hands-off in economy |
| proletariat | working class |
| bourgeoisie | capitalist owners and managers |
| nationalization | process of bringing industry under government control |
| welfare state | government providing extensive social services |
| market economy | economy characterized by laws of supply and demand, free play or competition |
| planned economy | economy dictated by the government |
| socialism | economy where government runs essential services but allows some capitalism |
| communism | collective economy where government owns all factors of production |
| five year plan | Stalin's program to increase production |
| collectivization | bringing farmland under central planning |
| perestroika | allowing some capitalism into Soviet economy |
