Free Trade Terms

Question 1

Imports

Answer 1

Goods or resources that are bought and brought into a country

Question 2

Exports

Answer 2

Goods or resources that are sold and sent out to other countries

Question 3

Tariff

Answer 3

Fee or tax on a good that is imported into a country

Question 4

Quota

Answer 4

Limit an amount of a good that can be imported into a country

Question 5

Embargo

Answer 5

The refusal of one country to trade with another country

Question 6

Market Economy

Answer 6

Decisions are made by individuals, Based on trade and competition, also called free market or capitalism, often lacks regulations or quality

Question 7

Command Economy

Answer 7

Also called Centrally Planned Economy, Government makes all decisions

Question 8

Mixed Economy

Answer 8

Combination of free market and limited government involvement, Government in place to assure quality and regulation

Question 9

Traditional Economy

Answer 9

Based on culture and rituals, and is focused on the community as a whole