Ch 8 - The Economy 

________ own the means of production however they must abide by laws which protect the population and ensure that the government can collect taxes.

________ caused coins made of precious metals to disappear from circulation.

Interconnected global village- that is, worlds nations are linked by ________, transportation, and trade.

________: achieved the capitalist's dream, a monopoly, the control of an entire industry by a single company.

________: gross domestic product, the total goods and services that a country produces.

________: money stored on a companys computer that can be transferred over the internet to anyone who has an account with that company.

________: a device that electronically withdraws the cost of an item from the card holders bank account.

In a(n) ________, the market forces supply and demand which determines what will be produced and price changes.

In a(n) ________, the government owns the means of production (not just factories- but land, railroads, oil wells, and gold mines.

________: central committees plan production and set prices with no competition.

________: Gold was replaced by paper currency Fiat money: is a currency issues by a government that is not backed by stored value → with no stored value, dollars can be printed in any amount a government desires.

________: an economic system built around the public ownership of the means of production, central planning, and the distribution of goods without a profit motive.

________: the merger of biology and economics.

________, "means that government doesn't interfere in the market.

________: An economic system built around the private ownership of the means of production, the pursuit of profit, and market competition.

the merger of biology and economics

The Earliest medium of exchange is recorded with hunting and gathering societies, pastoral, and horticultural societies as they produced little surplus, people bartered and directly exchanged one item for another

gross domestic product, the total goods and services that a country produces

a device that allows someone who has approved a specific amount of credit to purchase goods without an immediate exchange of money

a device that electronically withdraws the cost of an item from the card holders bank account

money stored on a companys computer that can be transferred over the internet to anyone who has an account with that company

An economic system built around the private ownership of the means of production, the pursuit of profit, and market competition

achieved the capitalist's dream, a monopoly, the control of an entire industry by a single company

an economic system built around the public ownership of the means of production, central planning, and the distribution of goods without a profit motive

central committees plan production and set prices with no competition