Term
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Definition
| A system for producing, distributing and consuming goods and services. |
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Definition
| Facilities and structures such as roads, bridges and power plants that are needed to build industries and more goods in and out of the country. |
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| loans/gifts of money from one country to another. |
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Definition
| An economic and political system in which the government owns and controls almost all of its facilities and resources necessary to make products. |
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Definition
| government owns important industries such as mining, steel or RRs, usually accompanied by a democratic political system. |
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Definition
| advertising, referring to a method of selling. |
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Term
| gross domestic product GDP |
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Definition
| includes only those goods and services produced within an country and does not include income earned outside of a country. |
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Definition
| electrically transmitted communications |
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Definition
| a business with activities in many countries. |
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Definition
| an economy in which customers demand what is bought or sold by buying or not buying certain goods and services. |
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Definition
| goods and items completely or partly manufactured |
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Term
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Definition
| refers to business that manufactures products |
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Term
| gross national product GNP |
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Definition
| total value of goods and services produced by a country in a year both inside and outside |
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Term
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Definition
| a wealthy country that has a good educational system, widely available health care and many manufacturing/service industries. |
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Term
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Definition
| an economy principle under which prices are determined mostly through competition and people are free to choose what and when to sell/buy |
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Definition
| an economy in which the government determines wages, the kinds and amounts of goods/products and prices of goods |
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Term
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Definition
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Definition
| the quantity that producers are willing to sell at the given price |
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Term
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Definition
| the ability to read and write. |
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Definition
| a poor country in which many people live by subsistence farming and in which are few manufacturing and service industries. |
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Term
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Definition
| an economic system based on free enterprise in which private individuals own resources, industries and businesses. |
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Definition
| an economy in which producing, buying and selling goods operates by the customs, traditions and habits of the group. |
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Definition
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Term
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Definition
| the quantity that customers are willing and able to buy at a given price. |
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