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Government Chapter 26 vocab review

. a planned, but sudden grab for power. COUP. a planned, but sudden grab for power. . farm in which the land is owned by the government but rented to a family. COLLECTIVE FARM. farm in which the land is owned by the government but rented to a family. . the sum of all goods and services produced in a

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Government Chapter 26 vocab review

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    1. Government Chapter 26 vocab review

    2. a planned, but sudden grab for power

    3. COUP a planned, but sudden grab for power

    4. farm in which the land is owned by the government but rented to a family

    5. COLLECTIVE FARM farm in which the land is owned by the government but rented to a family

    6. the sum of all goods and services produced in a nation in a year

    7. GROSS NATIONAL PRODUCT the sum of all goods and services produced in a nation in a year

    8. farm owned by the government and run like a factory, with farm workers being paid wages

    9. STATE FARM farm owned by the government and run like a factory, with farm workers being paid wages

    10. a nation only beginning to develop industrially

    11. DEVELOPING NATION a nation only beginning to develop industrially

    12. a nation that has an economic system, such as socialism, that provides many welfare programs

    13. WELFARE STATE a nation that has an economic system, such as socialism, that provides many welfare programs

    14. a nation that has had significant or rapid industrial growth in recent years

    15. NEWLY DEVELOPED NATION a nation that has had significant or rapid industrial growth in recent years

    16. the process by which a government takes control of industry

    17. NATIONALIZATION the process by which a government takes control of industry

    18. a condition that exists because society does not have all the resources to produce all the good and services that everyone wants

    19. SCARCITY a condition that exists because society does not have all the resources to produce all the good and services that everyone wants

    20. a person who takes a risk to produce goods and services in search of profit

    21. ENTREPRENEUR a person who takes a risk to produce goods and services in search of profit

    22. economic system in which customs dictate the rules for economic activity

    23. TRADITIONAL ECONOMY economic system in which customs dictate the rules for economic activity

    24. a business that controls so much of an industry that little or no competition exists

    25. MONOPOLY a business that controls so much of an industry that little or no competition exists

    26. an economic system in which the government controls the factors of production

    27. COMMAND ECONOMY an economic system in which the government controls the factors of production

    28. the difference between the amount of money used to operate a business and the amount of money the business takes in

    29. PROFIT the difference between the amount of money used to operate a business and the amount of money the business takes in

    30. an economic system which allows buyers and sellers acting in their individual interests to control the factors of production

    31. MARKET ECONOMY an economic system which allows buyers and sellers acting in their individual interests to control the factors of production

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