PPF, Unit 1, Vocab Flash Cards

The range of economic activity in a country, region, or

community.

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Economy

A structure within a society that organizes the production, distribution, and consumption of goods and services.

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Economic System

The study of the ways in which money is created and used in society.

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Economics

Goods and services exchanged without immediate or expected return.

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Gift Economics

Featuring a direct exchange of goods without the use of money or another medium.

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Barter Systems

The prices of services and goods determined by a free system.

Market Economics

No government presence in economic transactions.

Laissez Faire (free enterprise)

Prices for goods and services will be determined by _________ and ________________.

Supply and Demand

Economies in which prices of goods and services are determined by government or state.

Planned Economies

A planned economy in which the government acts as the central authority, guiding the economy and controlling (owning) many businesses.

Socialist Economy

(A form of market economy) Privately owned businesses (or means of production) engaged in making a profit

Capitalism

Goods and tools used to make products.

Capital

Human ability to produce goods and services, physical labor and talent/skills.

Labor

Land, mineral, forests, oil used to create goods

Resources

Used against companies to encourage competition in particular industry and break up monopolies.

​Anti-trust Suits

When one company has complete control over a particular product or industry.

Monopolies

The transportation and exchange of goods, resources, services, and money across international borders.

Global Trade

Taxes imposed on imports and/or exports

Tarrifs