Basic Economic Terms

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Economy

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How a country makes and uses money and resources.

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Communism

Back

A system where the government owns everything and makes all economic decisions.

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Socialism

Back

A system where the government owns some things but allows private businesses too.

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Private Property

Back

Things people or businesses can own themselves.

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Government Ownership

Back

When the government controls certain businesses or services.

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Equality

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When everyone is treated the same or has the same things.

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Wealth

Back

Money and valuable resources.

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Free Enterprise

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A system where people can start businesses and compete freely.