The Benefits of Free Trade for Developing Countries Terms Flashcards

1
Q

Imports

A

Goods or resources that are bought and brought (into) a country

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2
Q

Exports

A

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

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3
Q

Tariff

A

A fee or tax on a good that is imported into a country

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4
Q

Quota

A

A limit on an amount of a good that can be imported into a country

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5
Q

Embargo

A

The refusal of one country to trade with another good without fear of the government stopping it

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6
Q

Free Trade

A

An economic practice where countries can import and export

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7
Q

Market Economy

A

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

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8
Q

Command Economy

A

Also called centrally planned economy, Government makes all decisions, What to produce, controls and redistribute and resources, prices and wages, No incentive to work hard

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9
Q

Mixed Economy

A

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

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10
Q

Traditional Economy

A

Based on a culture and riturals, and is forced on the community as a whole

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