Hadley's Economics Vocab

2. A tax imposed by a government on imported or exported goods.
8. The action of buying, selling, or exchanging goods and services between people or countries.
11. An individual who starts and operates a business, taking on financial risks in the hope of profit.
12. The rate at which the general level of prices for goods and services rises, leading to a decrease in purchasing power.
13. The system of production, consumption, and distribution of goods and services in a particular geographic region.
14. The act of allocating resources, usually money, in order to generate income or profit.
15. Financial assets or resources that businesses use to fund their operations and generate revenue.

1. Supply refers to the amount of a product available, while demand refers to how much people want that product. Together, they determine the price in the market.
3. The percentage charged on a loan or paid on savings. It is the cost of borrowing money or the reward for saving money.
4. A significant decline in economic activity across the economy, lasting longer than a few months.
5. The system of money in general use in a particular country.
6. A situation where a single company or group owns all or nearly all of the market for a given type of product or service.
7. A financial plan that outlines expected income and expenses over a period of time.
9. A place or system in which commercial dealings are conducted, including the buying and selling of goods and services.
10. (GDP) The total value of all goods and services produced in a country over a specific period, usually annually.