Microeconomics - The study of how individuals, households, and businesses make choices about what to buy, sell, or produce., Macroeconomics - The study of the whole economy, looking at big issues like growth, unemployment, and inflation., Inflation - When the prices of goods and services increase over time., Gross Domestic Product - The total value of all goods and services made in a country in a year., Economy - The system of how money, goods, and services are made and used in a country., Command Economy - An economy where the government decides what will be produced, how, and for whom., Traditional Economy - An economy based on customs and traditions, often using farming, hunting, or bartering., Market Economy - An economy where businesses and consumers decide what is made and sold, based on supply and demand., Mixed Economy - An economy that has a blend of government control and market freedom., Unemployment Rate - The percentage of people in the workforce who want a job but cannot find one.,

Economics Definitions

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