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CMS6-Unit 6 Vocab

CMS6-Unit 6 Vocabulary Review

QuestionAnswer
In ___________ economies private citizens own most businesses and make most major economic decisions. It is an economic system based on individual choices and voluntary trade. Market
A _____________economic system- is an economic system that has features of command, market, and traditional systems. Mixed
__________________ occurs when one nation can produce a good or service at a lower opportunity cost than another nation. This encourages trade and can be a positive factor in a country’s economy. specialization
____________- are goods brought into one country from another through trade or sale. imports
A ___________-is a fee (tax) charged for goods and services brought (imported) into a country or state from another country or state. tariff
_____________-A limit on the amount of a product that may be imported during a given period of time. quota
_____________- is an exchange of goods without the use of tariffs, quotas, or embargoes. free trade
_____________ is the term for the technology, machinery, tools, factories, etc. necessary to produce goods and services. Workers should be more productive with updated technology, etc. capital (goods or resources)
________________ is important in economic development because it provides the vision, organization, and planning necessary for making the best use a country’s resources. Entrepreneur(ship)
In ____________economies the government owns most major industries and makes most major economic decisions. The government decides what goods will be produced, how they will be produced, and how they will be distributed (for whom to produce). Command
In ____________ economies customs and beliefs are used to make most major economic decisions. It is an economic system in which social roles and culture determine how goods are made, sold, and bought. Traditional
__________________ occurs when one nation can produce a good or service at a lower opportunity cost than another nation. This encourages trade and can be a positive factor in a country’s economy. specialization
____________- are goods or services traded with or sold to another country. exports
An ___________- is a type of trade barrier in which a government places Restrictions (ban) on the import or export of certain products. These are often backed with military force. embargo
The _________________was designed to promote free trade between the United States, Canada, and Mexico. The purpose of free trade partnerships like this between the United States, Canada, and Mexico is to increase trade by doing away with tariffs North American Free Trade Agreement (NAFTA)
___________________- is the term for the workers (labor) who are necessary for the production of goods and services. (the education and training level of the workforce). Human capital
______________ are the materials found in nature (land) that are necessary for the production of goods and services. These materials allow a country to make many of the products it needs and may allow them to export excess products as well. natural resources
Created by: jpkelley