Skill 2 of 5 · Reading for Meaning in Social StudiesClose
Social studies vocabulary
Understand common terms and phrases used in civics, economics, geography, and history.
Use surrounding words and examples to determine a term's meaning.
Distinguish related concepts such as capitalism, socialism, and communism.
Question 1 of 4
In a market economy, private individuals and businesses make many decisions about what to produce and purchase, often responding to prices and competition.
What does private enterprise mean in this context?