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capital resources tools, factories, machinery to build goods consumers those who purchase goods and services developed country urbanized, modern industrial society using high technology economize to base decisions on possible costs VS possible benefits exports goods and services sold to other countries Federal Reserve central bank of the US and government agency primarily responsible for our monetary policy imports goods and services purchased from other countries incentive reward offered to try to persuade people to take certain economic actions inflation rising prices; the value of the currency is falling. interdependence a relationship between countries in which they rely on one another for resources, goods, or services International Monetary Fund a United Nations agency to promote trade by increasing the exchange stability of the major currencies LDC (less developed country) often more agricultural, higher poverty, less modern, lower quality of life, early stage of econ development negative incentive try to avoid punishment, hardship, pain opportunity cost the highest-valued alternative that must be given up to engage in an activity ownership right to enjoy benefits of owning but also carries responsibilities per capita GDP value of goods & services a country produces per year divided by its population; to gauge economic well being positive incentive try to obtain reward, bargain, benefit productive resources natural resources, human resources, & capital resources combined are used to make goods and services. profit amount of cash left after paying all expenses savings unspent income in the present scarcity not enough, all resources are limited, limited quantities of resources to meet unlimited wants specialization produce fewer items but at an expert level; then trade those for other things wanted stock shared ownership in a company: get some of the profits but also must bear some of the loss. taxes fees paid to the government by people and businesses to support government services. trade defecit spend more money on imports (buy) than what is sold as exports trade surplus have more money from exports (sell) than from imports (buy) types of economies market, command, traditional, mixed United Nations an organization of independent states formed in 1945 to promote international peace and security