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Economy Vocab Ch 17
Chapter 17 TCI Social Studies Shaping America's Economy
Term | Definition |
---|---|
interest | a small payment that is added for borrowed money |
free market economy | a type of economy where people decide what to buy and sell |
demand | the amount of a good or service that people will want at all prices |
consumer | someone who buys goods and services |
tariff | a tax on goods from other places |
specialization | a skill or knowledge in one job |
supply | how much of a good or service is available to buy at all prices |
producer | someone who makes goods or provides services |