Capitalism An economic system based on wage labor (working for a wage), private ownership of the means of production (factories, machinery..), and production for trade and profit.

Communism A political/government system in which all property is owned by the government, the government has total power and rules with force, and each person works and is paid according to their needs.

Socialism An economic system where the means of production, such as money and other forms of capital, are owned by the state (the government) or community/public.

Laissez-Faire Literally "let it be," it's a policy of letting things take their own course, without government interfering.

Market Economy an umbrella term for all economic systems in which economic decisions and the pricing of goods and services are guided solely by the country's individual citizens and businesses

Command Economy an economy in which production, investment, prices, and incomes are determined centrally by a government.

social process where cities grow to large scales Urbanization social process where cities grow to large scales

Push Factor a negative aspect or condition that motivates one to leave a place or area

Pull Factor A positive aspect or condition that attracts people to go and live in a place or area

Gain money or material Profit

Industrialization the large-scale introduction of manufacturing, advanced technical enterprises, and other productive economic activity into an area, society, country, etc.

Agriculture farming; the cultivating of the soil, producing of crops, and raising of livestock.