____ (gross domestic product) (noun) – the total value of goods and services in an economy ____ (noun) – the rate at which prices rise over time. ____ (noun) – negative economic growth in terms of GDP for two or more quarters The ____ economy (noun) – an economic system with little or no government control, where decisions are made based on the voluntary exchange of goods between private individuals and businesses (centrally) ____ economy (noun) – an economic system in which all decisions regarding manufacturing and the distribution of goods are made by a central authority, usually the government. ____ economy (noun) – an economy that blends, to one extent or another, elements of a freemarket economy with a centrally planned economy, e.g., the use of state intervention in certain circumstances, or a mixture of private and public enterprises. Trade ____(+)/____ (-) - A trade ________ occurs when a country exports more goods and services than it imports. A trade ______ occurs when a country imports more goods and services than it exports. ____ policy - The government's use of spending and taxation to influence the economy. ____ policy - The actions of a central bank, such as adjusting interest rates or controlling the money supply, to influence the economy. ____ - Taxes on imported goods, designed to protect domestic industries.

Economics vocabulary

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