Economics Final

Social welfare program that people are entitled to if they meet the requirements.

A tax on imported goods

Person who decides how to combine resources to create goods and services.

Producers offer more of a good as its price increases and vice versa.

An economic system characterized by private or corporate ownership of goods and services

Money that has value because the government has ordered that it is acceptable payment

The system of selling businesses or services operated by the government to individuals

A market for buying and selling stock

Land, Labor, and Capital make up this

A government payment that supports a business or market.

Consumers will buy more of a good when its price is lower and less when price is higher.

Anything that serves as a medium of exchange, unit of account, or store of value

The use of trade barriers to shield domestic industries from foreign competition

A steady rise in the stock market over a period of time.

The movement of some of a company's operations to another country.

The total amount of money the federal government owes to bondholders

System of allocating scarce goods and services using criteria other than prices.

The interconnection of the worlds producers and consumers

The earnings on which tax must be paid minus exemptions and deductions

Situation in which a nation imports more goods and services than it exports.