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Chapter 5.2

TermDefinition
market organized way for producers and consumers to trade goods and services
profit money a company has left after subtracting costs of doing business
revenue money earned by selling goods and services
specialization concentrating on a limited number of goods or activities
competition struggle among producers for consumers' money
inflation general increase in prices
recession decline in economic growth for six or more months in a row
barter trading of goods and services for other goods and services
nonprofit organinzation do not seek to make a profit (church, museum, hospital)
Created by: henrichfamily
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