1
A system in which resources are owned by people outside of the government .(two words)
2
A system in which individuals can choose their own occupations and are free to start whatever business they wish . they don’t need special permission from anyone to enter an industry .(two words)
3
the portion of an economy that is controlled by people outside of the government . (two words)
4
the portion of an economy that is controlled by the government . (two words)
5
social relationships and practices that allow people to interact with each other . Institutions provide a framework of predictability in society
6
A system that allows private citizens to legally own resources, but in which government officials lay down rules that limit the choices the legal owners can make with their property .(two words)
7
An economic system in which government officials decide how society’s resources shall be used to produce particular goods and services .
8
A system in which some human beings are considered the legal property of others
9
An economic system relying on private property and free enterprise . no single person or group controls the system as a whole .
10
Can be a synonym for capitalism . It also refers to the collection of voluntary exchanges that occur in a capitalist system .
11
the person who has legal authority to decide how a particular unit of a resource or good shall be used . they can usually transfer ownership to another person .
12
the organization of occupations in the medieval period, before the capitalist era . A person who wanted to become a blacksmith or a carpenter would first need to be accepted by other members
