Term
Entrepreneur
Mark Zuckerberg, the creator of Facebook is an entrepreneur. |
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Definition
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
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Term
Capitalism
The supply and demand levels are set by the market in a capitalist system.
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Definition
an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
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Term
Laissez-Faire
The Baseball coach had a Laissez-Faire method of dealing with his team, of course they never won a game. |
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Definition
a policy or attitude of letting things take their own course, without interfering.
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Term
Communism
Russia and Japan are both Communist countries. |
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Definition
a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
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Term
Socialism
A socialist system requires a strong central government that that can regulate key industries.
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Definition
any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods.
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