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10 Cards in this Set
- Front
- Back
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GDP (Gross Domestic Product) |
Total market value of all final goods and services produced in a country in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports |
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tariff |
tax imposed on a product when it is imported into a country
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inflation
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the overall general upward price movement of goods and services in an economy (often caused by a increase in the supply of money)
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deflation |
a decline in general price levels, often caused by a reduction in the supply of money or credit
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market
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the way a country manages its money and resources to produce, buy, and sell goods or services; the U.S. is a free-enterprise market
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incentive |
a reward to encourage an action (positive or negative)
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monopoly |
exclusive control of a service or product
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competition
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rivalry between or among companies
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labor
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human workers considered as a whole group
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capital
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the wealth owned by a person or a company
(money, real estate, stocks) |
