Economics Vocabulary Terms

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A tax on imported goods.

The government decides what will be produced, how much will be produced, and how much goods and services will cost.

A trade product that is brought into a country.

Producers are free to decide what to produce, and consumers are free to buy whatever they need and want.

taxes = Money paid to the government by people and businesses.

A physical object that someone produces and someone else buys.

A limit placed on the amount of something.

Is the way goods and services are produced and consumed.