Economic Terms

The factors of production which are required to produce goods and services.

The theory of a classless social system in which all property and means of production are owned in common.

A good or service purchased from a foreign country.

Business or industry in which goods are unique because they are produced primarily at home by family members using their own equipment.

Increase in the prices for goods and services.

When a single company controls a market or supply of a product and has no competitors.

The manufacturing of products on a large scale, usually through the use of machines.

An economic system still used by African tribes and that was used by Native Americans because people still make clothing and shelter almost exactly the same way as they did in the past.

A political or economic theory in which community members own all property, resources, and the means of production, and control the distribution of goods.

Wealth or resources to invest in businesses.

The working class, especially those who lack capital and must sell their unskilled labor in order to survive.

An economic policy or doctrine that opposes government interference in or regulation of business or commerce beyond what is necessary for a free-enterprise system to regulate itself.

Protecting domestic producers by limiting through tariffs or quotas, the import of foreign goods and services.

An economy in which the setting of prices and allocating of resources are determined largely by the forces of supply and demand and that permits an open exchange of goods and services between producerts and consumers. Also known as free market.

When a business focuses on producing a limited number of goods and leaves the production of other goods to other businesses

The sending of goods to another country for sale or trade.