OGT Quiz 5-Economics
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10 terms
Terms | Definitions |
|---|---|
 3 Economic Questions | What to produce, how to produce, and for whom to produce |
| Specialization | For example, in farming, raising one or two crops for sale instead of a variety of foods for personal use |
| Federal Reserve System | A national banking system that controls the nation's money supply |
| Infrastructure | Economic and social foundations of a nation. Examples: education, transportation, banking |
| Gross Domestic Product (GDP) | The total value of goods and services produced in a country in one year |
| Free Trade | The exchange of goods across political borders without restrictions |
| Comparitive Advantage | The ability to produce goods and services at a lower cost than other individuals or countries |
| Consumption | The purchase/use of goods and services. |
| Entrepreneur | A person who organizes the use of resources in order to produce goods/services. |
| Production | Combining natural resources, human resources, capital goods, and entrepreneurship to make goods and services |
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