Trade Terms Flashcards
Imports
goods or resources that are bought and brought into a counrty
Exports
goods or resources that are sold and sent out of a country
Tariff
a fee or tax on a good that is imported into a country
Quota
a limit on amount of a good that can be imported into a courty
Embargo
the refusal of one country to trade with another
Free Trade
an economic practice where countries can import and export goods without fear of the government stopping it.
Traditional Economy
based on culture and rituals, and is focused on the community as a whole
Market Economy
decisions are made by individuals, based on trade and completition, often lacks quality
Command Economy
government makes all decisions, also called Centrally Planed Economy, no incentive to work hard
Mixed Economy
combination of free market, and limited government involvement, government in place to assure quality and regulation