Government Chapter 26 vocab review

a planned, but sudden grab for power

COUP a planned, but sudden grab for power

farm in which the land is owned by the government but rented to a family

COLLECTIVE FARM farm in which the land is owned by the government but rented to a family

the sum of all goods and services produced in a nation in a year

GROSS NATIONAL PRODUCT the sum of all goods and services produced in a nation in a year

farm owned by the government and run like a factory, with farm workers being paid wages

STATE FARM farm owned by the government and run like a factory, with farm workers being paid wages

a nation only beginning to develop industrially

DEVELOPING NATION a nation only beginning to develop industrially

a nation that has an economic system, such as socialism, that provides many welfare programs

WELFARE STATE a nation that has an economic system, such as socialism, that provides many welfare programs

a nation that has had significant or rapid industrial growth in recent years

NEWLY DEVELOPED NATION a nation that has had significant or rapid industrial growth in recent years

the process by which a government takes control of industry

NATIONALIZATION the process by which a government takes control of industry

a condition that exists because society does not have all the resources to produce all the good and services that everyone wants

SCARCITY a condition that exists because society does not have all the resources to produce all the good and services that everyone wants

a person who takes a risk to produce goods and services in search of profit

ENTREPRENEUR a person who takes a risk to produce goods and services in search of profit

economic system in which customs dictate the rules for economic activity

TRADITIONAL ECONOMY economic system in which customs dictate the rules for economic activity

a business that controls so much of an industry that little or no competition exists

MONOPOLY a business that controls so much of an industry that little or no competition exists

an economic system in which the government controls the factors of production

COMMAND ECONOMY an economic system in which the government controls the factors of production

the difference between the amount of money used to operate a business and the amount of money the business takes in

PROFIT the difference between the amount of money used to operate a business and the amount of money the business takes in

an economic system which allows buyers and sellers acting in their individual interests to control the factors of production

MARKET ECONOMY an economic system which allows buyers and sellers acting in their individual interests to control the factors of production