8 terms

GED Economics Terms Lesson 1

economic systems, trade barriers, personal money management
STUDY
PLAY

Terms in this set (...)

economy
the way people make or use their resources, goods, and services
goods
products that are made by producers and bought by consumers
economic system
the way a society organizes the production, distribution, and consumption of goods and services.
interdependence
term used to describe countries' dependence on each other
currency
another term for money
command
Which economic system is sometimes called communism?
tariff
a tax placed on imported goods
services
actions, such as haircuts and car repair, which satisfy people's wants
YOU MIGHT ALSO LIKE...
STUDY GUIDE