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Economics
| Question | Answer |
|---|---|
| The social science that deals the production, distribution, and consumption of goods and services | Economy |
| Exchanging one good or service for another without using money | Bartering |
| What to produce, how to produce, and whom to produce it? | 3 questions answered |
| A government based on culture and rituals | traditional economy |
| A government that relies on its own government to make all economic decisions | command economy |
| economic system based on free trade and competition | Market economy |
| economic system in which private owners control the production of goods and profit | capitalism |
| How much people have or how much is available | supply |
| What or how much people want | demand |
| a combination of government and privately owned business | mixed economy |
| making living from doing what you are best at | specializition |
| Items people need to preform their job | capital goods |
| items that come from the world around us that we use for our own purposes | natural resources |
| a supply of people that produce goods and services | human goods |
| a person who takes a risk to start a business | entrepreneur |
| The average annual income of a nations citizens | GDP (gross domestic product) |
| level of comfort in an every day life | standard of living |
| Forbids trade | embargo |
| a tax on imported goods | Tariffs |
| a limited amount of imported goods in a country | quota |
| different kinds of money in different country's | currency |
| converting one nations money into an equal value of another country's money | Exchange rate |
Created by:
kylerheffner561
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