TBFTDC Flashcards
1
Q
Imports
A
good or resources that are bought and brought into a country
2
Q
Exports
A
goods or resources that are sold and sent out exit to other countries
3
Q
Tariff
A
a fee or tax on a good that is imported into a country
4
Q
Quota
A
a limit on amount of a good that is imported into a country
5
Q
Embargo
A
the refusal of one country to trade with another
6
Q
Free trade
A
an economic practice where countries can import and export goods without fear of the government stopping it
7
Q
Market Economy
A
decisions are made by individuals
8
Q
Command Economy
A
Government makes all of the decisions
9
Q
Mixed Economy
A
Combination of free market and limited government involvement
10
Q
Traditional Economy
A
Based on culture and rituals, and is focused on the community as a whole
