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Terms in this set (14)
An economic system based on private ownership of capital
Accepting the risk of starting and running a business.
The amount of goods available
Consumer willingness and ability to buy products
Limited quantities of resources to meet unlimited wants
What you give up when you make one choice over another
Exchange goods without involving money.
An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.
An economic system in which the government controls a country's economy.
A slowdown in economic activity over a period of time. During one of these periods all of the following things decline: Gross Domestic Product (GDP), employment, investment spending, capacity utilization, household incomes, business profits and inflation. Meanwhile bankruptcies and the unemployment rate rise.
A general and progressive increase in prices
Goods and Services sold to other countries
goods produced abroad and sold domestically
Actions or processes that involve the entire world and result in making something worldwide in scope.
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