Economics Terms

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  1. Economics
    the social science that analyzes the production, distribution, and consumption of goods and services (example: trade)
  2. Means of Production
    farms, factories, and railways and other large businesses that produce and distribute goods
  3. Mercantilism
    a policy in a nation where they sell more than they buy in order to gain silver and gold 
  4. Capital
    wealth to keep a business going with transport, mining, and factories
  5. Capitalism
    an economic system in which the means of production are privately owned and operated for profit
  6. Communism
    a form of socialism created by Karl Marx, a class struggle is inevitable and will lead to the creation of classless society (class depends upon how much $$ you have). It is an economic system in which government owns the means of production.
  7. Socialism
    a system in which the people as a whole rather than private individuals own all property and operate all businesses
  8. Marxism
    • the belief that there is a struggle between the “haves” and “have nots” where the “have nots” will take over and form a classless society. Wealth and prosperity will be shared equally among the people.
    • “haves” = business owners
    • “have nots” = workers
  9. Proletariat
    working class
  10. Bourgeoisie
    middle class who are usually business owners
  11. Utopians
    those who live in an ideal society
  12. Utilitarianism
    the idea that the goal of society should be the greatest happiness for the greatest number of citizens
  13. New Middle Class
    a group of people that have a decent amount of money who are between the rich and the poor class. This group of people values hard work and determination to move ahead in society (mid 1800’s or mid 19th century)
  14. Laissez-faire
    • the policy allowing businesses to operate with little or no government interference
    • (hands off) *goes with capitalism!
  15. Labor Unions
    a worker organization that fights for better working conditions (hours, wages, etc.)
  16. obi
    living quarters
  17. Chi
    personal g-d
  18. Egwugwu
    a person who impersonates one of the ancestral spirits of the village
  19. Imperialism
    domination by one country of the politcal, economic, or cultural life of another country or region
  20. Ethnocentrism
    is the belief of superiority is one's personal ethnic group, but it can also develop from racial or religious differences
  21. Nationalism
    a nation’s greatness was measured by quality and quantity of colonies
Card Set:
Economics Terms
2013-03-29 18:08:04

Vocabulary for the Imperialism Test
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