Unit 1 Vocabulary - Economy, Government

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people do the same job that their parents did. Many people are simple farmers who grow just enough food to feed their families and most communities make what they need locally

economic system that operates on free competition, in which people start and own businesses with limited government intervention. Market Economy - economy driven by forces including competition, supply, and demand

development of a world culture and interdependent world economy

the management of the resources of a community, country, etc., especially with a view to its productivity. The way an economic system of a country is arranged

an economic system in which the government makes decisions about what to produce

industry that provides services like banking, education, and tourism to people rather than producing goods

an economic system in which both the government and individuals play important roles about what to produce

Type of government where, through law, some control is placed on leadership's powers.