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12 terms

U.S. History

History on the U.S.
STUDY
PLAY
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