| 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 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 |
| inflation | falling purchasing power of money and generally rising prices for goods |
