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Economics 1 ECOT
Economics Vocabulary Cards
| Question | Answer |
|---|---|
| Economy | The way a country manages its money and resources. |
| Market Economy | An economy with no government control; controlled solely by private businesses. |
| Command Economy | An economy that the government controls. |
| Mixed Economy | An economy that is controlled by both the government and private businesses. |
| Trade | To buy and sell good and services with another. |
| Interdependence | When countries trade with each other they become dependent on each other for goods. |
| Specialization | A focus on producing only what you can do efficiently. |