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SBV list 6-2

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
command economy   AN economic system in which all decisions on production and consumption are made by a central government.  
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division of labor   The separation of the total work required to produce a good or service into individual interrelated tasks  
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gross domestic product   The value of all final goods and services produced within a country's borders in a given year.  
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imperialism   A policy used by strong countries to gain social, political and economic control over foreign territories  
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marginal cost   The change in total cost resulting from a n action.  
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market economy   An economic system in which decisions on production and consumptions are made by individuals acting as buyers and sellers.  
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producer   A person who makes goods and services.  
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regressive tax   A tax for which the percentage of income paid decreases as income increases  
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Created by: sbadger
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