Trade terms

Question 1

goods or resources that are brought and bought into a country

Answer 1

imports

Question 2

goods or resources that are sold and sent out to other countries

Answer 2

exports

Question 3

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

Answer 3

tariff

Question 4

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

Answer 4

quota

Question 5

refusal of one country to trade with another

Answer 5

embargo

Question 6

economic practice where countries can import and export goods without fear the government will shut down

Answer 6

free trade

Question 7

decisions made by individuals, based on trade and competition, also called free market or capitalism, often lacks regulation or quality

Answer 7

market economy

Question 8

also called centrally planned economy
government makes all decisions
what to produce controls and redistributes wealth and resources
no incentive to hard work.

Answer 8

command economy

Question 9

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

Answer 9

mixed economy

Question 10

based on culture and rituals and is focused on the community as a whole traditional village in North america

Answer 10

traditional economy