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Economics

Vocabulary

Specialization A country produces high quality goods at a low cost
international trade trade between countries
currency money
protective tariff increases the price of foreign goods to protect the profit of local producers
profit money left over after expenses are paid
human capital skills and knowledge workers have
Gross Domestic Product total value of goods and services produced in a country in a year
capital goods factories and machines used to produce goods
natural resources gifts of nature not man made
exchange trade
bartering the exchange of goods or services without the use of money
Created by: tlopezbrown
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