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History on the U.S.

Balanced Budget

A budget in which revenue equals expenditures

Surplus

An amount by which income exceeds expenditures

Deficit

The amount by which expenditures exceed income

Market Economy

An economic system in which individuals are free to compete, to earn a living, to earn a profit, and to own property

Free Market

An economic system in which buyers and sellers are free to exchange goods and services as they choose

Scarcity

The problem of limited resources

Law of Supply

An economic rule that states that business will provide more products when they can sell them at higher prices and fewer products when they must sell them at lower prices

Law of Demand

An economic rule that states that buyers will demand more products when they can buy them at lower prices and fewer products when they must buy them at higher prices

Free Enterprise

Principle that business owners in a free market are allowed to run their busineses in any way they see fit, with little government interference

Capitalism

An economic system based on private ownership of the means of production

Monopoly

A company that controls all productions of a good or service

Labor

Human effort used to make goods and services

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