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CIVICS
| Term | Definition |
|---|---|
| Economics | the study of how individual and nations make choices about ways to use scare resources to fulfill their needs and wants |
| needs | requirements for survival, such as water, food, clothes and shelter |
| capitalism | a system in which private citizens own most if not all of the means of the production and decide how to use them within legislated limits |
| incentive | reward offered to try to persuade people to take certain economic actions |
| export | to sell goods to other countries or a good produce in one country them sold to another |
| tariff | a costume duty a tax on an imported good |
| EO | organization of European nations whose goal is to encourage economic integration into a single in Europe |
| WTO | an international body that observes trade among nations |
| Balance of Trade | the difference between the value of a nations exports and its imports |
| wants | things we would like to have such as entertainment and items that make life comfortable and enjoyable |
| scarcity | not having enough resources to produce the things you would like to have |
| Trade-Offs | the alternative you have to decide to do one thing rather than another |
| Free enterprise | economic system in which individuals and business are allowed to complete for profit with a maximum of government influence |
| import | a good purchased from one country by another |
| quota | a limit on an amount of foreign goods importable into a country |
| NAFTA | trade agreement designed to reduce tariff barriers between México, Canada and the US |
Created by:
aemurphy
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