US/Canada Economy

United States and Canada Economics Vocabulary

the art and science of cultivating the soil, growing crops, and raising livestock.

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​agriculture

the process of making products, or goods, from raw materials by the use of manual labor or machinery

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manufactoring

​Supply is the amount of goods available, and demand is how badly people want a good or service

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​Supply and Demand

economic system where a government places very few restrictions on the types of business activities or ownership in which citizens participate

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free enterprise

payment for work done especially when figured by the hour or day

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​wages

all companies that sell goods and services to consumers

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​retail industries

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a type of business that provides services to customers rather than producing a product

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Hotels is a good example.​

service industries

ny purchase, sale, lease, contract, option, or other transaction or arrangement involving property or services wherein a consultant may gain an economic benefit.

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​economic opportunity