OGT Vocabulary

26 terms by Soccer31011 

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Market Economy

an economic system that features private ownership of property and the means of production. Also referred to as capitalism

Command Economy

an economic system in which all of the means of production and distribution are controlled and owned by the society by a whole. Also referred as communism

Mixed Economy

an economic system in which the major means of production are owned or controlled by the government but private ownership of small businesses and private property are encouraged. Also referred as socialism

Absolute Advantage

when a nation has the ability to produce more goods than other nations

Capital

wealth owned or used by a business

Coin

to manufacture metal money

Commerce

business

Comparative Advantage

although two nations can produce the same product one of the nations can produce it at a lower cost

Customs Duty

a fee paid on the value of items brought into the country

Deficit

debt; spending more money than earned

Domestic

has to do with anything inside your own country

Free Enterprise

people are ableto create any legal busines, sell any product, and do anything that is legal to attract customers

Inherit (Inheritance Tax)

to receive property, money, etc. from an ancestor upon their death. The government levies an inheritance tax on the value of property

Interdependent

when two or more things influence, control, or rely upon each other

International

between or among nations

Interstate

a business or activity that goes across state lines

Intrastate

all of the business or activity takes place within the state

Means of Production

all of the items necessary to produce a product

Natural Resources

the raw materials that a nation possesses for wealth or industry

Quota

a required amount

Redistribution

to gather all the resources and to divide up and pass out in a new manner

Regulate

to control or govern

Revenue

the amount of money that is earned or made

Scarcity

items that are short in supply or are hard to find

Subsidy

money given to a business to help it survive

Tariff

a tax usually on imports and exports

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