Trade Terms Flashcards

1
Q

Imports

A

goods or resources that are bought and brought into a counrty

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2
Q

Exports

A

goods or resources that are sold and sent out of a country

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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 amount of a good that can be imported into a courty

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5
Q

Embargo

A

the refusal of one country to trade with another

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6
Q

Free Trade

A

an economic practice where countries can import and export goods without fear of the government stopping it.

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7
Q

Traditional Economy

A

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

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8
Q

Market Economy

A

decisions are made by individuals, based on trade and completition, often lacks quality

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9
Q

Command Economy

A

government makes all decisions, also called Centrally Planed Economy, no incentive to work hard

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10
Q

Mixed Economy

A

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

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