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Social Studies OGT Review

Social Studies OGT Review. Economics. Types of Economies. Command – all economic decisions made by the government Market – business privately owned Mixed – combination of private ownership and government controlled business. Trade.

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Social Studies OGT Review

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  1. Social Studies OGT Review Economics

  2. Types of Economies • Command – all economic decisions made by the government • Market – business privately owned • Mixed – combination of private ownership and government controlled business

  3. Trade • Buying, selling, and exchanging of goods within and between countries • Exports – products leaving a country • Imports – products entering a country • Trade imbalance – when exports are not equal to imports • Tariff – tax on imports to protect domestic goods • Embargo/blockade – country refuses to trade with another country for political or economic reasons

  4. Taxes • Government raises money (revenue) • Pays for government services • Collected at each level of government

  5. Federal Reserve • Congress created it to manage the nation’s money supply • It sets monetary policy • Changes interest rate (price to borrow money) • Raise rates to get people to save • Lower rates to get people to borrow and spend

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