Group 5 Vocab Flashcards
Socialism
Governments owning means of production and operating for people’s welfare
Capitalism
Economic system where private individuals control factors of production
Genetics
Study of ways inborn characteristics are inherited by descendants
Assimilation
Where people of a colony abandon their culture and adopt the rituals of another culture
Sole proprietorship
Business owned and controlled by one person
Collective bargaining
Negotiation of wages, hours, and working conditions leading to an agreement/ contract
Laissez-faire
Belief that government shouldn’t interfere with business operations
Ultimatum
Party threatens another with harmful action if they reject their proposal
Corporation
Business organization where individuals buy shares of stock, elect directors to decide policies and hire managers, and receive dividends according to the number of shares they own
Proletariat
Name given by Marx to the working class
Pasteurization
Process of hearing liquids to kill bacteria and prevent fermentation
Belligerents
Warring nations
Cartels
Combinations of corporations that control an entire industry
Communism
Where government owns means of production and completely control economic planning
Quantum
Max Planck’s theory concerning matter and energy that describes it as being divided into particular units or packages
