Trade Terms

Question 1

Import

Answer 1

Goods and resources that are bought and brought into a country

Question 2

Export

Answer 2

Goods or resources that are sold or sent out

Question 3

Tariff

Answer 3

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

Question 4

Quota

Answer 4

A limit on amount of a good that can be imported

Question 5

Embargo

Answer 5

A refusal of one country to trade with another

Question 6

Free Trade

Answer 6

Economic practice where countries can import and export goods without fear of the government stopping it

Question 7

Market Economy

Answer 7

Decisions are made by individuals

Question 8

Command Economy

Answer 8

Government makes the decisions

Question 9

Mixed Economy

Answer 9

Combination of free market and limited government involved

Question 10

Traditional Economy

Answer 10

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

Question 11

Human Capital

Answer 11

knowledge skills and talent a person possesses

Question 12

Investment in human capital

Answer 12

efforts to acquire and improve human capital