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Geography Economics

QuestionAnswer
barter the exchange of one good or service for another.
barter system an economic system based on the exchange of goods and services, rather than the sale of items for money.
capital money, tools, equiptment, supplies, and other resources that can be used to create products or wealth.
capitalist economy an economic system in which the businesses of a nation are owned predominatly by private individuals
central planning an economic system in which the government determines how much product will be produced and also sets prices
closed market an economic market in which imports and exports are heavily restricted
communist economy a national economy in which the government owns the means of production, determines how much product will be produced, and also sets prices
consumption the use of products or resources
depression an economic recession that lasts a very long time and causes a lot of unemployment and poverty
economy the system by which a nation organizes production and distribution of goods and services
emerging market the economic market of a developing nation that has had some success and is gaining stability, most likely moving from being restrictive to more open
free enterprise business without governmental control or interference
free trade import and export of goods with no tariffs or restrictions
import a good from one country brought into another country
inflation when people have more money than goods, and the price of goods goes up while the value of money goes down
market any place goods and services are exchanged
recession an economy that slows down and has less trade and employment
resource people, money, equiptment, tools, supplies, and natural resources, such as water, soil, metals, and minerals
socialist economy a national economy in which the government owns major businesses and controls distribution of goods, but does not set prices or control how many goods will be produced
supply and demand an economic theroy that describes how prices are determined through a balance between availability of products of demand for a product at various price points
Created by: 100000841204788