Technology: The process used to produce a good or service (a water
buffalo and plow versus a mechanized plow).

Costs: what is given up to produce a good or service

Demand: Demand is the amount consumers are willing and able to buy at
various prices.

Competitive Market: one in which the good exchanged has an unlimited

Goods: Goods are objects that can satisfy people's wants.

Economics 2

Macroeconomics

Taxes: A tax is a required payment to a local, state, or national
government.

Specialize: To specialize means to concentrate the productive efforts
of individuals and firms on a limited number of activities.

Cultural Values: those ideas that are considered important to a society
that impact the way people behave and influence what choices they make

Economic Systems: An economic system is the organized way a society
provides for the wants of its citizens. Each system determines how to
produce and allocate resources, goods and services.

Free Trade: exchange of goods and services between countries with no
government rules such as tariffs and quotas to influence the exchange.

Restricted Trade: rules that make the exchange of goods and services
between countries more difficult by making it harder to make the
exchange (ie; taxes on imports, labeling issues, limits to numbers of certain goods allowed into a country)

Specialize: To specialize means to concentrate the productive efforts
of individuals and firms on a limited number of activities.