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groups of nations that trade with each other without barriers such as tariffs

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limits on the quantities of a foreign product that may be imported

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taxes placed on imports to increase their price in the domestic market

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Says that each country should produce those goods it can more efficiently and purchase those that other nations produce ore efficiently

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GNP; the sum of all goods and services produced in a nation a year

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government owns the land but rents it to families

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farms owned by the government and run like factories, with the farmworkers being paid wages

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process by which a government takes control of industry

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A nation that has an economic system, such as socialism, that provides many welfare programs

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states that have had a significant amount of rapid industrial growth in recent years

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states with little or no industry

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Modified capitalism

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the difference between the amount of money used to operate a business and the amount of money the business takes in

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when an industry includes only one seller, resulting in no competition at all

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risk takers who organize and direct the other factors of production to produce goods and services in search of profit

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resources that an economy needs to produce goods and services

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allows buyers and sellers acting in their individual interests to determine what,how, and for hom goods and services are produced

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where central authority makes most of the economic decisions

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where habit and control custom dictate the rules for all economic activity, determining what, how, and for when goods and services are produced

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a condition that exists because society does not have all the resources to produce all the goods and services everyone wants