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| The science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind |
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| Money used to build or operate business or industry |
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| A free market economy in which anyone may go into business in an attempt to make profit; most businesses are privately owned instead of government owned |
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| A market in which business compete freely for buyers with little interference from the government |
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| Where the government owns the major industries and [promises to make production decisions for the welfare of society |
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| Gross Domestic Product (GDP) |
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| The value of all the goods and services produced by a country during a year |
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| The Gross Domestic Product of a country divided by the number of people in the country |
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| A country that has a wide range of industries that take full advantage of the people's skills |
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| A country whose industries do not fully take advantage of its people's skills |
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| People or businesses interested in buying a product |
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| To send goods out of the country |
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| Allows retailers the freedom to sell any products their customers want |
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| World Trade Organization (WTO) |
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| Organization that intends to supervise and liberalize international trade |
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