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Econ Exam Review II

Toni Johnson

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labor any human-made resource that is used to create other goods and services
cash transfers ambitious leaderr who combines land, labor, and capital to create and market new goods and services
demand schedule the study of how people seek to satisfy their wants and needs by making choices
factors of production a period of expansion followed by a period of contraction
free trade zone the method used by a society to produce and distribute goods and services
mixed economy the power of consumers to decide what gets produced
capitalism a table that lists the quantity of a good that people will buy at each price
demand a region where a gorup of countries agreed to reduce or eliminate trade barriers
centrally planned economy economic system that combines the free market with limited government intervention
economics tendeny of supplies to offer more of a good at a higher price
capital the desire to own something and the ability to pay for it
law of supply using resources in such a way as to maximize rhw production of goods and services
federal budget direct payment of money to eligible poor people
guns or butter anything that serves as a medium of exchange, a unit of account, a store of value
money a plan for the federal governments' revenues and spending for the coming year
competition a good that is brought in from another country for sale
gross domestic product an economic system in which investment and ownership of the means of production, distribution, and exchange of wealth is made and maintained by private individuals or corporations
commerical bank a bank that provides checking accounts, savings accounts,
goods something that is owed or that one is bound to pay to or perform for another
export physical objects such as clothes or shoes
entrepreneur land, labor, and capital; the three groups of resources that are used to make all goods and services
business cycle the point at which quantity demanded and quantity supplied are equal
efficiency a phrase that refers to the trade-offs that nations face when choosing whether to produce more or less military or consumer goods
consumer sovereignty economic system in which the central government makes all decision on the production and consuption of goods and services
import a good that is sent to another country for sale
equilibrium the struggle among consumers for the dollars of consumers
economic systems the dollar value of all final goods and services produced within a country's borders in a given year
debt the effort that people devote to a task for which they are paid

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