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Geography Economics
| Question | Answer |
|---|---|
| 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 |
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