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2
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How well people are living; determined by the amount of goods and services they can afford at the time.
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5
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Is the average value of goods and services produced per person in a country in a given year.
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7
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The process of using machinery for all major forms of production.
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8
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An economy that is a combination of command, market, and traditional economies.
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10
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A system in which bussinesses operate with little government involvement.
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11
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When prices are determined by the supply and demand for goods.
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12
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An economic system in which the central government makes all economic decisions.
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13
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The purchase of something with the expectation that will gain in value.
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14
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An economic system based on private ownership, free trade, and competition.
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15
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The structure of economic life in a country.
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1
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An increase in overall prices
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3
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An economy in which production is based on customs and traditon, and which people often grow their own food, make their own goods, and use barter to trade.
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4
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Total market value of goods and services produced in a country in a given year.
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6
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A political system in which the government owns all property and runs a command economy.
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9
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the amount of goods and services that are available at a given time.
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