Economic Systems

This is the central banking system of the United States.

Taxes placed on imports to increase their price on the domestic market.

Economy in which a central authority makes most of the economic decisions.

The resources of an economic system.

Habit and custom dictate the rules for all economic activity.

States that have had significant or rapid industrial growth in recent years.

The sum of all the nation's goods and services produced everywhere.

Condition that exists when society doesn't have the resources to produce all the goods it wants

The principle that each country specializes in goods they can produce most efficiently.

The rate the Federal Reserve (the FED) charges member banks for loans.