Geography Economics
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| barter | the exchange of one good or service for another.
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| barter system | an economic system based on the exchange of goods and services, rather than the sale of items for money.
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| capital | money, tools, equiptment, supplies, and other resources that can be used to create products or wealth.
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| capitalist economy | an economic system in which the businesses of a nation are owned predominatly by private individuals
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| central planning | an economic system in which the government determines how much product will be produced and also sets prices
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| closed market | an economic market in which imports and exports are heavily restricted
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| communist economy | a national economy in which the government owns the means of production, determines how much product will be produced, and also sets prices
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| consumption | the use of products or resources
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| depression | an economic recession that lasts a very long time and causes a lot of unemployment and poverty
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| economy | the system by which a nation organizes production and distribution of goods and services
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| emerging market | the economic market of a developing nation that has had some success and is gaining stability, most likely moving from being restrictive to more open
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| free enterprise | business without governmental control or interference
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| free trade | import and export of goods with no tariffs or restrictions
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| import | a good from one country brought into another country
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| inflation | when people have more money than goods, and the price of goods goes up while the value of money goes down
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| market | any place goods and services are exchanged
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| recession | an economy that slows down and has less trade and employment
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| resource | people, money, equiptment, tools, supplies, and natural resources, such as water, soil, metals, and minerals
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| socialist economy | a national economy in which the government owns major businesses and controls distribution of goods, but does not set prices or control how many goods will be produced
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| supply and demand | an economic theroy that describes how prices are determined through a balance between availability of products of demand for a product at various price points
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