Trade Terms

Question 1

Import

Answer 1

goods or resources that are bought and brought into a country

Question 2

Export

Answer 2

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

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 or amount of a good that can be imported into a country

Question 5

Embargo

Answer 5

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

Question 8

Command Economy

Answer 8

Also called centrally planned economy, government makes all decisions, no incentive to work hard

Question 9

Mixed Economy

Answer 9

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

Question 10

Traditional Economy

Answer 10

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