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SBV list 2-1


barter The trade of goods and services for other goods and services without the use of money
capital good A productive resource consisting of human-made materials needed to produce goods and services; capital goods include buildings, machinery, equipment and tools.
consumer price index A number used to measure changes in the cost of a standard group of goods and services bought by a typical urban consumer.
demand The quantities of a good or service that consumers are willing and able to buy at various prices during a given time period.
productive capacity The maximum output that an economy can produce without big increases in inflation.
referendum The process in which a measure passed by a legislature is submitted(referred) to the voters for final approval or rejection or a petition process by which a certain percentage of electors (voters) for approval or rejection.
traditional economy An economic system in which decisions on production and consumption are based upon customs, beliefs, rituals and habits.
Created by: sbadger