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5th SS TCI Ch 17
Ch 17 Vocab
| Term | Definition |
|---|---|
| interest | a small payment that is added for borrowed money |
| consumer | someone who buys goods and services |
| demand | the amount of a good or service that people will want at all prices |
| free market economy | a type of economy where people decide what to buy and sell |
| producer | someone who makes goods or provides services |
| specialization | a skill or knowledge in one job |
| supply | how much of a good or service is available to buy at all prices |
| tariff | a tax on goods from other places |
| Jefferson | 1. He wanted an economy based on agriculture. 2. He thought the government should play a small roll in the economy. 3. He was against taxing citizens. |
| Hamilton | 1. He believed the government should play a larger role in the economy. 2. He believed Americans should be able to borrow money. 3. He supported the creation of a national bank. |
| Department of Treasury | 1. It is responsible for making currency. 2. It is able to borrow money in the name of the government. 3. It collects taxes. |
| benefit | what is gained from making a choice |
| incentive | something that encourages someone to make a certain choice |
| opportunity cost | the next best thing you give up when making a choice |
| scarcity | when people's wants are not met because resources are limited |
Created by:
casonb
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