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7 Cards in this Set

  • Front
  • Back
tariff
a tax placed on imports to increase their price in the domestic market
developing nations
a nation only begining to develope industry
mixed economy
a system in gov that regulates private interprise
capitalism
an economic system providing free choice and individual incentive for workers, investors, consumers, and business enterprises
scarcity
a condition that exists because society dose not have all the resources to produce all the goods and services that evry one wants
communism
central gov dictates all major econamic decisioins
equlibreum price
the average sale rate