Trade Terms Flashcards
1
Q
Imports
A
goods and resources that are bought and brought into a country
2
Q
Exports
A
goods and resources that are sold and sent out to other countries
3
Q
Tariff
A
is 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 can be imported into a country
5
Q
Embargo
A
refusal of one country to trade with another
6
Q
Free trade
A
economic practice where countries can import and export goods without fear that the government will shut it down
7
Q
Market Economy
A
Consumer choices determine how industries and financial markets operate
8
Q
Traditional Economy
A
Based on culture and rituals
9
Q
Command Economy
A
Relies on government to make all economic decisions
10
Q
Mixed Economy
A
Limited government involvement while also applying free market concepts
