Vocabulary Quiz

Currency – a country’s money

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Producers – a person who makes goods or services to sell

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Consumers – someone who buys or use goods and services

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Scarcity – situation where the amount of a resource is limited

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Market economy – a free enterprise system in which supply, and demand determines goods and services

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Command economy – An economy in which the government decides what goods and services can be sold

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Private property – the land or goods that people or companies own

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Free enterprise system – an economy in which people are free to start their own businesses or produce whatever good or service they want

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Bartering – to trade goods or services for other goods or services without using money

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Export – to sell or trade something to another country

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