Flashcard Set Preview
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The study of how individuals & nations make choices about ways to use scarce resources...
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Economics
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Not having enough resources to produce all the things we would like to have
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Scarcity
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The alternative you face if you decide to do one thing rather than another
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Trade-off
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The cost of the next best use of your time of money when you choose to do one thing rather...
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Opportunity cost
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Costs or expenses that are the same no matter how many units of a good are produced
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Fixed cost
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Expenses that change iwth the number of items produced
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Variable cost
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Tangible products that we use to satisfy our wants & needs
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Goods
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Work performed by a person for someone else
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Services
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Resources necessary to produce goods & services (National resources, capital, labor, enterpreneurship)
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Factors of production
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"gifts of nature" that make production possible
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Natural resources
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Human effort directed toward producing goods & services
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Labor
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Previously manufactured goods used to make other goods & services OR money
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Capital
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The idea of starting a new ubusiness, introducing a new product, & improving a management...
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Enterpreneurship
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The amount of goods & services that producers are able & willing to sell at various...
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Supply
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The desire, willingness, & ability to buy a good or service
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Demand
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Free & willing exchange of goods & services between buyers & seller
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Market
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A market where productive resources are bought & sold
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Facotr market
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A market where producers offer goods & services for sale
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Product Market
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When people, businesses, regions, and/or antions concentrate on goods & services that they...
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Specialization
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The breaking down of a job into separate smaller tasks to be performed individually
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Division of labor
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A system in which private citizens own most, if not all, of the means of production and decide...
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Capitalism
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The strugle that goes on between buyers & selllers to get the best products at the lowest...
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Competition
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A good purchased from one country by another
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Import
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To sell goods to other countries; a good producede in one country, then sold to another
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Export
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The ability of a country to produce a good at a lower opportunity cost than another can
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Comparative advantage
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Both coins & paper money
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Currency
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Sustained increase in the general level of prices
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Inflation
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A fall in the general price level & aount of available money
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Deflation
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An economic system iwht gold of certain weight & fineness as the unit of value
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"Gold standard"
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Resoucrces are distributed FAIRLY among the people
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Equity
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How much society gets from scarce resources
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Efficiency
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The degree to which resources are being used efficiently to produce goods & services
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Productivity
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Government controls all aspects of the economy
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Command Economy (Communism)
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Government regulates indusrtires for the protection of workers & consumers
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Mixed Economy
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The market controls the economy
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Laissez-faire Capitalism
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Downward-sloping ilne that graphically shows the quantities demanded at each possible price...
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Demand curve
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The concept that people are normally willing to buy less of a product if the price is high...
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Law of demand
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The amount of satisfaction oen gets from a good or servide
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Utility
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Additional satisfaction that is derived from each additional unit acquired
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Marginal utility
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A comepting product that consumers can use in place of another
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Substitute
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Product often used with another product
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Complement
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Measure of responsivness relating change in quantity demanded to a change in price; extent...
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Demand elasticity (inelasticity)
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The principle that suppliers will normally offer more for sale at higher prices & less...
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Law of supply
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Upward-sloping line that graphically shows the quntities suppllied at each possible price
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Supply curve
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The money a business receives for its products or services over & above its costs
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Profit
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The methods or processes used to make goods & services
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Technology
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A government payment to an individual, business, or group in exchange for certain actions
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Subsidy
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Responsiveness of quantity supplied to a change in price
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Supply elasticity (inelasticity)
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Situation in which quantity supplied is greater than quantity demanded; extra
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Surplus
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Situation in which quantity demanded is greater than quantity supplied
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Shortage
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Teh price at which the amount producers are willing to supply is equal to the amount consumers...
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Equilibrium price
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Maximum price that can be charged for goods & services, set by the overnment
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Price ceiling
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Minimum price that can be charged for goods & services, set by the government (note the...
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Price floor
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Lowest legal wage that can be paid to most U.S. workers
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Minimum wage
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Money used to buy the tools & equipment used in production
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Financial capital
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A business owned & operated by asingle person/family
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Sole proprietorship (as in Proprietary Colonies)
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A business owned by two+ people & organized by articles of parnershiop
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Partnership
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Tyep of business organization owned by many people but treated by law as though it were a person...
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Corporation
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Formal legal papers specifying the arrangement between partners
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Articles of partnership
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A government document granting persmission to organize a corporation
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Charter
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Ownership share of a corporation
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Stock
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An individual who has invested in a corporation & owns some of its stock
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Stockholder/shareholder
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Part of the profit given to a shareholder
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Dividend
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People elcted by the shareholders of a corporation to acft on their behalf
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Board of directors
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A vluntary association of people formed to carry on some kind of economic activity that will...
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Cooperative
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Association of workers organized to improve wages & working conditions
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Labor union/Trade union
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State law forbidding unions from forcing workers to join
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Right-to-work law
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Situation in which union & company officials bringi n a third party to try to help them...
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Mediation
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Situation in which union & company officials submit the issues they cannot agree on to...
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Arbitration
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When workers deliberately stop working in order to orce an employer to give in to their demands
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Strike
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The refusal to purchase certain goods
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Boycott
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Process of making business deals more visible to everyone
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Transparency
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Unfair treatment based on prejudice against a certain group
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Discrimination
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The obligation a business has to pursue goals that benefit society as wel as themsevles
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Social responsibility
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Different stores with the same name but different owner with a single oragnizing authority
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Franchise
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You ahve to join the Union to get the job
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Closed-Shop
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You get teh job by signing a contract saying that you won't join teh Union
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Yellow-Dog contract
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Government policy of breaking up monopoly to encourage competition
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Antitrust
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Capitalist who emphasized the "Invisible Hand" of suppy & demand
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Adam Smith
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Capitalist who emphasized comparative advantage
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David Ricardo
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A "basket of goods" the government uses to measure inflation (increase in ost of gods over...
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Consumer Price Index
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Tax on an import
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Tariff
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Maximum limit on imports
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Quota
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The difference between the value of a country's imports and exports
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Balance of trade
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Determines the government's taxing and spending; the federal government's use df spending &...
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Fiscal policy
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How the Fed controls the money supply
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1. Purchasing currency (gov. bonds & T-bills) on the open market
2. Changing the reserve...
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The precentage of people in the civilian labort force who are not working BUT ARE LOOKING...
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Unemployment rate
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Actions taken by government thorugh central banks to try to affect its money supply
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Monetary policy
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Central bank of the U.S.
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Federal Reserve (the Fed)
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The interest rate the Fed charges on its loans to its member banks
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Discount rate
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State bank regulation that sets the minimum amount of reserves the bank cmust surrender to...
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Reserev requirement
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Purhcase or sale of U.S. government bonds & T-bills (Treasury bills)
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Open market operations
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A plan for making & spending money
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Budget
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Federal spending required by law that continues without the need for annual approval by Congress`
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Mandatory spending
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Spending for federal programs that must receive annual approval
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Discretionary Spending
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Situation in which a government's, comapny's or individual's income exceeds its spending
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Budget surplus
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The financial obligations of a national government resulting from deficit spending
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National debt
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Legislation setting aside funds for certain pruposes
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Approprations bills
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Federal program that provides monthly payments ot people who are retired or unable to work
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Social Security
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Government program teh provides health care for the aged
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Medicare
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Policy of reduced trade barriers
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Free trade
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sitaution in which teh value of the products imported by a country exceeds the vlaue of its...
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Trade deficit
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Money left after taxes
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Disposable income
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