an economic system based on

free markets, private ownership of business

and industry, and the profit motive

a person who sets up or

finances a new business or industry to makea profit

an economy in which

government does not interfere in business

activities; supply and demand are not

regulated, or are regulated with only minorrestrictions

stories set in a

specific time and place in history,

sometimes using historical characters

the shift of a country’s

major economic activity from agriculture tothe shift of a country’s

major economic activity from agriculture to

the exchange of raw

materials, goods, and services among

distant groups of people

a Eurocentric economic

policy whereby European monarchs increased

their wealth through international trade

when a business has no competition in

a market, such as when a product or service is controlled by one company