Economics Terms

the transfer of work/production from one country to another where the cost of labor/manufacturing is cheaper

an alternative fossil fuel derived from fossilized organic material found in sedimentary rock

a system of exchange whereby one good/service is given in return for another; bartering does not require monetary exchange

an economic model wherein government planners make all business and financial decisions

an economic model used by governments to determine what should be produced/provided in terms of goods and services, how, and for whom

the capacity of private citizens to create new businesses independent of government direction or intervention

the creation, maintenance, and expansion of businesses outside the control or influence of the government

an economic model which the laws of supply and demand (not government oversight) determine what is produced/consumed and at what cost

the required amount of a specific good that must be produced in a given time frame

an economic model governed by custom, habit, and history

term for one's financial earnings

a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100)

term used to describe the market/command/traditional blending of all modern world economies

financial gain through illegal means, typically through kickbacks and bribes

money granted by the government to assist a business or industry in lowering the cost of its product/service