| A | B |
|---|
| Capitalism | economic system based on the private ownership of property |
| Consumers | Buyers |
| Businesses | sellers |
| Communism | economic system in which all the means of production and distribution are controlled an owned by society as a whole. |
| Socialism | production is controlled by the government, however, private ownership of small businesses and other forms of property are encouraged. |
| Taxes | money people pay to the government |
| Deficit | amount the government spends beyond its income |
| Public debt | total amount owed by the government |
| Global Interdependence | nations are now dependent on one another and what they can obtain through international trade |
| Specialization | Country that produces one type of product or service. |
| Internation trade | exchange of goods and service among the different countries of the world. |
| Opportunity Cost | the value of what is given up when a decision is made |
| Tariff | special tax on imported goods |
| Contracts | written agreements |
| Currency | money |
| Mercantilism | an economic system (Europe in 18th century) to increase a nation's wealth by government regulation of all of the nation's commercial interests |
