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Econ 1 ECOT

Econ vocab.

QuestionAnswer
The way a country manages its money and resources. Economy
An economy with no government control; controlled entirely by private business and consumers. Market Economy
Government controlled economy. Command Economy
A mixture of both Market and Command Economy. Mixed Economy
To buy and sell goods and services. Trade
When countries trade with each other and become dependent on each other for goods. Interdependence
Focusing on the products that you are able to produce efficiently. Specialization
Created by: jhiggs10
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