An economic system based on free trade and competition. - Market Economy , A system in which the central government makes all economic decisions. - Command Economy , A person who buys goods or services. - Consumer, A person or group that makes goods or services. - Producer, Objects or materials that people can buy to satisfy their needs and wants. - Goods, An activity that is performed for a fee. - Service , The amount of goods and services that are available at a given time. - Supply, The amount of goods and services that consumers are willing and able to buy at various prices at any given time. - Demand, A resource the Earth replaces naturally, such as water, soil, trees, plants and animals. - Natural Resource, A condition of limited resources and unlimited wants by the people. - Scarcity, The trade of goods and services involving money. - Market, The exchange of goods and services for other goods and services. - Barter, Goods or services that a country buys from other countries. - Imports, Goods or services that a country sells to other countries. - Exports, A plan listing the expenses and income of an individual or organization. - Budget, The amount of money that is owed. - Debt, A gain of money that typically comes from employment. - Income, When a government prohibits trade with another government - Embargo, An economy based on what was done in the past,or in isolated parts of the world - Traditional Economy, Another word for taxes is - Tariff, When you do one type of work instead of many - Specialization, When governments make work stop - Moratorium,

Economics

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