Trade Terms Flashcards
Imports
goods or resources that are bought and brought (into) a country
Exports
goods or resources that are sold and sent to other countries
Tariff
a fee or tax on a good that is imported into a country
Quota
a limit on an amount of a good that can be imported into a country
Embargo
the refusal of one country to trade with another
Free Trade
an electronic practice where countries, especially those in the developing stage
Market Economy
Decisions are made by individuals, based on trade and competition, also called free market or capitalism, often lacks regulation or quality.
Command Economy
Also called centrally planned economy, government makes all decisions, what to produce, controls, and redistributes wealth and resources, prices and wages, no incentive to work hard.
Mixed Economy
Combination of free market, and limited government involvement, government in place to assure quality and regulation.
Traditional Economy
Based on culture and rituals, and is focused on the community as a whole.
