| A | B |
|---|
| export | to sell goods to a foreign country |
| Columbian Exchange | people, goods, and ideas transported from Old World to New World and vice versa |
| property tax | local tax to raise money for schools |
| scarcity | there are never enough resources, time, or money to meet people's unlimited wants and needs |
| depression | severe economic slowdown over a long period of time |
| recession | period of slow economic growth |
| surplus | exports greater than imports OR income greater than expenses |
| income tax | federal tax to pay for the military, health care, interest on debt, etc. |
| Triangular Trade | movement of goods between Americas, England, and Africa during American colonization |
| opportunity cost | the choices given up when you make a decision |
| Gross National/Domestic Product | total of all goods and services produced in a country in a single year |
| national debt | total amount borrowed by a country over all years |
| import | to buy goods from a foreign country |
| deficit | imports greater than exports OR expenses greater than income |
| mixed economy | government plays a role in the economy; US has this type of economy |
| tariff | examples include a tax on imported peanuts, sneakers, tires, and live foxes |
| price initially increases | this happens when a hot new product is introduced like the iPad 2 |
| duty | required by law such as jury duty, paying taxes, and obeying laws |
| price drops/decreases | this happens when demand for a product decreases, ex., VCR |
| market economy | individuals make all economic decisions without any government control |
| tax | money paid to a local, state, or federal government, ex., sales tax, Social Security tax, income tax |
| responsibility | duties expected of a citizen such as voting and respecting different opinions |
