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37 Cards in this Set
- Front
- Back
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Capital
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tools used in a good or service produced by peoples past efforts
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Capitalism
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indivisuals and businesses tgat are free to buy and sell what they wish atat prices determined by the supply and demand for goods
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Developing
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a country with a less productive economy, lower quality of life , and low technology
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Communism
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a political system in which the government owns all property and dominates all aspects of life in a country
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Diversitize
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to add variety to
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Consumer
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a buyer or user of a good or service
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Economy
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a system that includes all of the activities that people and businesses do to earn a living
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Demand
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the amount of gooods or services wanted in a market
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Free Enterprise
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a system where the people own goods and services
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Developed
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a country with a strong economy,high standard of life , and high tech.
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Command Economic System
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an economic system in whichthe central government makes all decisions
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Interdependence
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a relationship between countires in which they rely on one another for resources goods or services
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Specialization
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concentrating on one area of work
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Natural Resource
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a raw material fondin or near the Earth people use and value
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Standard of living
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the quality and quantity of supply and demand and needs and wants
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Producer
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one that manufactures or grows prodoucts or goods and services to use
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Supply
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the total amount of supply and demand
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Profit
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money made off a product or excess of selling price of goods over their cost
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Surplus
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more of what's needed
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Scarcity
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not enough or shortage of supply,demand, resources,or product
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Human Capital
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people who have education in a specific field
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Traditional Economy
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a system in which people grow their own food and make their own goods also based on culture
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GDP
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the value of all goods and services produced within a single year
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Market Economy
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A system based on private ownership ,free trade,and competition
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Globilization
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the process in which countres are increasingly linked to each other through culture and trade
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Mixed Economy
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a use of all the economies government owns a little
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Entrepeneur
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a person who risks everything to produce a good or service
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Tariff
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a fee that a country charges on imports or exports
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Capital Goods
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tools produced by past efforts to be used in the production of goods and services
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embargo
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a ban or limit on trade
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Quota
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a proportion part or share assigned to each in a division or member of a body
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International Exchange Rate
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System of exchanging money between countries
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Human Resource
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a human worker
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Primary Industry
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first level of industry and provides raw materials
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Secondary Industry
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second level of industry and produces a product using raw materials
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Tertiary Industry
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third level of economic activity provides services or sells products made by others
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Quaternary Industry
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fourth level of economic activity and involves research and distributing information
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