An economic system based on free trade and competition. - Market Economy , A system in which the central government makes all economic decisions. - Command Economy , A person who buys goods or services. - Consumer, A person or group that makes goods or services. - Producer, Objects or materials that people can buy to satisfy their needs and wants. - Goods, An activity that is performed for a fee. - Service , The amount of goods and services that are available at a given time. - Supply, The amount of goods and services that consumers are willing and able to buy at various prices at any given time. - Demand, A resource the Earth replaces naturally, such as water, soil, trees, plants and animals. - Renewable Resource, A condition of limited resources and unlimited wants by the people. - Scarcity, The trade of goods and services involving money. - Market, The exchange of goods and services for other goods and services. - Barter, Goods or services that a country buys from other countries. - Imports, Goods or services that a country sells to other countries. - Exports, How well people are living, as determined by the amount of goods and services they can control. - Standard of Living, The total value of all the goods and services produced in a country in one year. - Gross Domestic Product, Countries with a strong economy and high quality of life. - Developed Countries, Countries with less productive economies and a lower quality of life. - Developing Countries, A plan listing the expenses and income of an individual or organization. - Budget, The amount of money that is owed. - Debt, A gain of money that typically comes from employment. - Income, The money that a borrower pays to a lender in return for a loan. - Interest, The rise in prices that occurs when currency loses its buying power. - Inflation, The set of resources, like roads and factories, that a country needs to support economic activities. - Infrastructure, Money given on the condition that it will be paid back, often with interest. - Loan,

Economics

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