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15 Cards in this Set

  • Front
  • Back
CAPITALISM
An economic system in which the means of production and distribution are privately owned, and prices are chiefly determined by open competition in a free market.
TRADE
The exchange of goods or service between people.
COMMAND ECONOMY
An economic system where the allocation of resources, including determination of what goods and services should be produced, and in what quantiy, is planned by the government.
QUOTAS
A limit on the quantity of a product which may be imported.
MIXED ECONOMY
An economy based on both private and public(government controlled) enterprises and both make decisions about what to produce.
DEPRESSION
Drastic decline in the economy, high rates of unemployment, restriction of credit,price deflation, numerous bankruptcies,reduced amounts of trade and commerce.
TARIFF
A tax on imports.
FREE MARKET
A system in which market forces of supply and demand determine prices, and allocate available supplies, without government intervention.
CORPORATIONS
a business organizationformed by a group of people, stockholders, with government permission. Each stockholder is an employee, so no single individual is liable for the company's debt or failure.
INTERDEPENDENCE
The reliance on people in other places for information, resources, goods, and services.
RECESSION
A period of reduced economic activity during which the level of unemployment rises, production slows, and general prosperity lags.
STANDARD OF LIVING
Degree of prosperity in a nation, measured by income levels, quality of housing and food, medical care, educational opportunities, transportation, communications and other measures.
MEANS OF PRODUCTION
The raw materials, lands, and resources that are used in production.
GROSS DOMESTIC
The total value of goods and services produced by a nation.
STOCKHOLDERS
Persons holding owwnership of part of a company or business venture.