Shaping America's Economy - Vocabulary

best for of economy is one that which the government has little or no control

• producer

• consumer

• free market economy

• supply

someone who buys something

• producer

• consumer

• supply

• demand

person or company that makes or sells items

• producer

• consumer

• specialization

• tariff

how many goods or services people want to buy

• supply

• demand

• specialization

• consumer

how many good or services are available to be sold

• demand

• supply

• interest

• tariff

the money the government pays back after it borrows money, plus a little more

• interest

• tariff

• tax

• supply

a skill or knowledge of one job

• tariff

• specialization

• interest

• supply

a tax on goods from other places

• tariff

• interest

• supply

• demand

what is gained from making a choice

• incentive

• benefit

• opportunity cost

• supply

something that encourages someone to make a certain choice

• incentive

• benefit

• opportunity cost

• brute force