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SBV list 6-2

QuestionAnswer
command economy AN economic system in which all decisions on production and consumption are made by a central government.
division of labor The separation of the total work required to produce a good or service into individual interrelated tasks
gross domestic product The value of all final goods and services produced within a country's borders in a given year.
imperialism A policy used by strong countries to gain social, political and economic control over foreign territories
marginal cost The change in total cost resulting from a n action.
market economy An economic system in which decisions on production and consumptions are made by individuals acting as buyers and sellers.
producer A person who makes goods and services.
regressive tax A tax for which the percentage of income paid decreases as income increases
Created by: sbadger
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