1. Government Chapter 26 vocab review

2. a planned, but sudden grab for power

3. COUP a planned, but sudden grab for power

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

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

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

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

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

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

10. a nation only beginning to develop industrially

11. DEVELOPING NATION a nation only beginning to develop industrially

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

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

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

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

16. the process by which a government takes control of industry

17. NATIONALIZATION the process by which a government takes control of industry

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

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

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

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

22. economic system in which customs dictate the rules for economic activity

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

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

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

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

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

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

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

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

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