Vocab 1
The rights that all citizens are supposed to have.
what are civil rights
A person who puts money into a business with the goal of later making a profit.
who is an investor
People who own land and have high social standing but no titles of nobility.
who are gentry
The amount of goods and services available to buy compared with the amount that people want to buy.
what is supply and demand
A shift to the widespread use of machines and factories to produce goods.
what is industrialization
A philosophy that calls for very little or no government involvement in the economy.
what is laissez-faire
The upper or wealthy middle class; the people who owned the means of production, or what Karl Marx called “the haves”.
who are the bourgeoise
A system of representative government that uses elements of capitalism and socialism to govern the economy.
what is social democracy
A period of history during which the use of machines to produce goods changed society and the economy.
what is the Industrial Revolution
An economic system in which major industries are owned or regulated by the government, rather than by private businesses.
what is socialism
An organization formed by workers to win and protect workers’ rights.
what is a union
An economic system in which resources and businesses are privately owned and prices are not controlled by the government.
what is capitalism
An economic system based on competition between private businesses, where the government does not control prices.
what is a free market
The way a country manages its money and resources to produce, buy, and sell goods and services.
what is an economy
To control or place limits on.
what is to regulate