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- An economy is a country's wealth when it comes to production and consumption of goods and services.

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Pros - Encourages competition
- Increases the wealth of a country
- Grows the economy
Cons - Unfair distribution of wealth
- Exploits poor people
- "Boom and Bust" cycles happen more frequently

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- A policy that lessens government interference in a country's individuals and it's society.

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- An economy where the government has the most control on goods and services.

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- A subsidy is when the government pays an industry so that products will have lower prices than what they are usually priced in free markets. Can also be used as a competition against imports from other countries.

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- An agreement between nations that reduces tariffs. Ex: FTAA.

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- A term that was created by the IMF and WB. It refers to countries that has high poverty and debt. Ex: Uganda, Afghanistan, Haiti.

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- When a country exports its goods more than importing from other countries.

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- Resources that cannot be restored or made and is not unlimited.  Ex: Oil, Clean water, Natural gas, Fossil fuels.

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- Agreements that reduces trade barriers, remove tariffs and add quotas on trade imports. Ex: NAFTA.

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- An area in the environment that is needed to provide people with resources.

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- The responsibility of humans to take care of the environment so that the environment and its resources can be sustained for future generations.

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- A policy that protects a country's domestic products from competition against other countries.

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- A policy that would reduce the money that the government spends, lower inflation and limit imports.

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- Happens when a country imports goods from other countries than exporting its own goods.