This post is in response to my comments about using vocabulary in better and more intentional ways. You may access the links for entire list here.

Social Studies GROUP FOUR

arbitration- n. the use of another person to settle a dispute/argument/disagreement.
economies of scale- n. a saving in costs gained by an increased level of production.
capitalists- n. a wealthy person who uses money to invest in trade and industry for profit
entrepreneurs- n. a person who organizes and operates a business or businesses, taking on greater than normal financial risks
communism- n. 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.
socialism- n. theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
cooperative- n. a farm, business, or other organization which is owned and run jointly by its members, who share the profits or benefits.
fascism- n. a political philosophy, movement, or regime (such as that of the fascisti) that exalts nation and often race above the individual and that stands for a centralized autocratic government headed by a dictatorial leader
commune- n. a group of who share their resources and can be the beginning of a national communist movement.
contraband- n. any item that is illegal to own and have been smuggled within a place
embargo- n. an official ban on trade or other commercial activity with a particular country.
tariffs- n. taxes on any items being imported into a country or region.
espionage- n. act of spying on others for the benefit of a country or organization.
franchise- n. an authorization granted by a company to an individual or group enabling them to carry out specified commercial activities.
impound- v. seize and take legal custody of (something, especially a vehicle, goods, or documents) because of an infringement of a law or regulation. (my car was impounded after i was caught street racing.)
monopoly- n. the exclusive possession or control of the supply of or trade in a commodity or service.