AP World History 14 Flashcards
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| 3654195469 | Value added | An economist's term for the increase in value from the cost of raw materials to the cost of finished products | 0 | |
| 3654195470 | Free-market economy | An economic system in which the means of production are largely privately owned and there is little or no government control over the markets | 1 | |
| 3654195471 | Supply and demand | In economics, the relationship between the amount of a commodity that producers are able and willing to sell (supply) and the quantity that consumers can afford and wish to buy (demand) | 2 | |
| 3654195472 | Moral economy | An economy whose goal is providing basic necessities for all members of a society before allowing any particular members to take profits; in contrast to a free-market economy | 3 | |
| 3654195473 | Lateen sail | A triangular sail affixed to a long yard or crossbar at an angle of about 45 degrees to the mast, with the other free corner secured near the stern | 4 |