How can we help?

You can also find more resources in our Help Center.

26 terms

OGT Vocabulary

STUDY
PLAY
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