Hint
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Answer
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The difference in value between total exports and total imports of goods.
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B
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Balance of trade
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The rate of interest used by individual commercial banks as a basis for their lending rates.
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B
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Base rate
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A period of high economic growth characterized by rising wages, profits, and prices, full employment, and high levels of investment, trade, and other economic activity.
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B
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Boom
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The amount by which government expenditure exceeds income from taxation, customs duties, etc, in any one fiscal year.
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B
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Budget deficit
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An economy in which business activities and the allocation of resources are determined by government order rather than market forces.
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C
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Command economy
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A description of a market or economy that takes all opportunities to make some people better off without making other people worse off.
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E
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Efficient
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To buy or bring in (goods or services) from a foreign country.
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I
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Import
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The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
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M
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Macroeconomics
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An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
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M
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Market economy
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The part of economics concerned with single factors and the effects of individual decisions.
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M
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Microeconomics
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An economic system combining private and public enterprise.
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M
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Mixed economy
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Exclusive control of the market supply of a product or service.
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M
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Monopoly
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The part of economics that focuses on the idea of fairness and what the outcome of the economy or goals of public policy ought to be.
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N
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Normative economics
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The loss of potential gain from other alternatives when one alternative is chosen.
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O
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Opportunity cost
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The branch of economics concerned with describing and explaining economic phenomena, focused on facts and behavioral relationships of cause and effect. It includes the development and testing of economic theories.
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P
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Positive economics
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The practice of dividing a share of the profits of a business among employees, in addition to paying their regular wages and salaries.
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P
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Profit sharing
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A temporary depression in economic activity or prosperity.
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R
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Recession
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The unemployment that remains in periods of full employment, as a result of those mentally, physically, or emotionally unfit to work.
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R
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Residual unemployment
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A service or other asset used to produce goods and services that meet human needs and wants.
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R
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Resource
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Money (usually of a specific country) that is liable to depreciate in value and is therefore difficult to exchange for another currency.
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S
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Soft currency
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The level of subsistence or material welfare of a community, class, or person.
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S
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Standard of living
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A school of economic thought that emphasizes the importance to a strong economy of policies that remove impediments to supply.
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S
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Supply-side economics
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The ratio of export prices to import prices.
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T
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Terms of trade
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An economic system in which traditions, customs and beliefs shape the goods and services the society produces.
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T
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Traditional economy
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Capital that is provided for a new commercial enterprise by individuals or organizations other than those who own the new enterprise.
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V
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Venture capital
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