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When the amount of money a person or company spends is more than they receive or take in
Demand
How much of a product or service is desired by buyers
Producer
Anyone who makes or grows a good or performs a service
Interdependence
When people depend on one another
When did the US troop pull out of Vietnam?
1969
Profit
The positive gain from an investment or business after subtracting expenses
Barter
To trade
Consumer
Anyone who buys a good or service
Free Enterprise
When companies compete with one another to get the most customers
General MacArthur
Taxes
The money that the government collects from individuals and businesses to pay for public goods and services
Scarcity
There is a limited supply of something
Specialization
When an individual or a company does one part of a task and relies on others to complete the other parts of the task
What year was Ghandi Born?
1869
When was the Great Leap Foward implemented?
1958
Good
Something you can feel or any kind of merchandise
Service
Any kind of work performed for others
Entrepreneur
A person who comes up with a product or service, or a better way to produce one
Who was the Communist leader?
Ho Chi Minh
The Great Leap Foward was a Success?
False
Supply
The amount of something available for use
Economics
The study of the making, buying, and selling of goods and services
Opportunity Cost
The process of choosing one good or service over another
Who led the south?
Boa Dai
How many people died in The Great Leap Foward?
About 20 million people