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MEAP Economic Review

QuestionAnswer
Demand is the amount that a person is willing to spend at a particular price
Supply the number of goods or services that manufacturers will sell at a certain price
Natural resources materials that come from nature. Some examples are water, oil, wood, and coal
Human resources people who work to produce goods and services. Examples are farmers, miners, builders, and doctors
Capital resources goods made by people and used to produce goods and services. Examples are machines, tools, and buildings
Scarcity not being able to satisfy all wants simultaneously
Investment the idea that you buy something to help you make money in the future
Monopoly exists when only one seller possesses a good desired by many markets
Embargo the act of not allowing trade ships to enter or leave a country's ports
Incentives things that excite or get people interested or motivated
Competition occurs when more than one business offers the same good or service
Free Market which individuals decide for themselves what to produce and sell
Command Economy An economic system in which the government controls a country's economy
Mixed Economy an economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion
Gross Domestic Product (GDP) the market value of all final goods and services produced within a country in a given period of time
Exchange Rates the rate of exchange of one nation's currency for another nation's currency
Created by: ceadams00
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