| A | B |
|---|
| renewable resource | item from Earth that replenishes itself |
| nonrenewable resource | item from Earth that is used up faster than it can replace itself |
| import | item purchased from another country where it was produced / made |
| export | item produced / made in your country and sold or shipped out to another country |
| barter system | does not use money or currency, but rather trades goods and services for needed goods and services |
| tariffs | tax that increases the price of imported goods |
| closed market | one that does not interact with other economies and tries to be self-sufficient |
| emerging market | one that allows imports and exports; most economies in the world are this way |
| supply and demand | determines the price of goods |
| sup and dem | when one goes up, the other goes down; inversely related |
| inflation | sustained rise in prices |
| recession | period of economic contraction (downturn) sometimes limited in scope |
| RECESSION | marked by decline in sales, drop in income, and absence of business expansion |
| depression | severe downturn in economy; an extended recession |
| DEPRESSION | marked by high unemployment rates and businesses having a hard time earning profits |
