WC
Terms
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- a building, structure, machine or tool that is used to produce goods or services
- captial good
- the expansion of an economy's amount of capital goods
- capital accumulation
- trade among nations that is not restrained by protective tariffs or other governmental restrictions
- free trade
- a system in which private business operated with minimal government involvement
- free enterprise
- an economy in which the government has little say in what, how, or for whom goods are produced
- market economy
- an economy in which the government has significant control over what, how, and for whom goods are produced
- command economy
- the act of returning property or functions previously owned or performed by the government to the private sector
- privatization
- property that is owned by individuals and businesses rather that by the government
- private property
- one in which the government owns and controls nearly all of the factors of production
- socialized economy
- the organizational abilities and risk-taking involved in starting a new business or introducing a new product into the market place
- entrepreneurship