Trade
Business of trading goods and services
Commerce
A system in which people produce, sell, and buy things
Economy
Extra amount of something
surplus
Deep long-lasting slowdown
Depression
the switch to large scale production using machines
industrialization
Tax on imports and exports
Tariff
Goods sold directly to consumers
Retail goods
Amount of money needed
Budget
Sum of money owed
Debt
goods that are sold directly to other businesses
wholesale goods
when there is no taxes on trade
free trade
Use of machines
Manufactoring
An agreement between two countries
Treaty
Inflation
economic forces that decide the price and amount
Supply and Demand
Government bans trade with another country
Embargo
People focus on doing tasks in which they have the most skill
Specialization
incoming money
revenue
Deficit
economic system in which private businesses sell goods for a profit
capitalism
Unfinished or natural materials
Raw materials
Total value of all goods and services
Gross Domestic Product (GPD)
Provide for oneself without the help of others
Self-sufficient
A shortage of something
Scarcity
a group of business that produce a similar product
industry