1. Economic system- the combination of policies, laws, and choices made by a nation’s government to hhhhhhhhhhhhhhhhhestablish the systems that determine what goods and services areproduced and qqqqqqqqqqqqqqqqqhow they are located.
2. Economics- the study of how society uses scarce resources to produce and distribute goods and hhhhhhhhhhhhservices.
3. Communism- aneconomic system characterized by government ownership of virtually all resources, wwwwwwwwwgovernment control of all markets, and economic decision making by central fffffffffffffffffffffffgovernmentpalnning.
4. Socialism- an economic system in which the basic industries are owned either by the government ccccccccccccccitself or by the private sector under strong government control.
5. Mixedeconomics- economics that combine several economics systems; sssssssssssssssss*An economy where thegovernment owns certain industries but others are owned by ssssssssssssssssssssssssssssthe private sector*
6. Macroeconomics- the sub area ofeconomics that focuses on the economy as a whole by looking at ssssssssssssssssssssssssaggregate date for large groups of people, companies, or products.
7. Microeconomics- the sub area of economics thatfocuses on individual parts of the economy, such as 222222222222222222households or firms.
8. Circular flow- the movement of inputs and outputs among households, businesses, and governments;2222222222222 a way of showing how the sectors of the economics interact.
9. Economic growth- an increase in a nation’s output of goods and services.
10. Gross domestic product (GDP)- the total marketvalue of all final goods and services produced within 11111111111111111111111111111a nation’s border each year.
11. Business cycles- upward and downwards changes in the level of economic activity.
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