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Economics REVIEW

Georgia Milestones

The North American Free Trade Agreement (NAFTA) was designed to promote free trade between the United States, Canada, and Mexico.
The economic system of communist countries is most closely related to which economic system? command
Which term best describes an economic system in which the people—not the government—own land, factories, and businesses? market
A market economy is very different from a command economy. What is found in a market economy? competition
Which of following best describes a market economy? A person can start any legal business and charge any price.
A sixth-grade class decides to open a popcorn stand. The stand and the popcorn popper are examples of which factor of production? capital resources
Which word has the same meaning as the economic term "tariff"? tax
A country's parliament votes to increase tariffs upon goods from another country. This is an example of a representative democracy restricting trade.
What is the purpose of free trade partnerships like the North American Free Trade Agreement (NAFTA) between the United States, Canada, and Mexico? to increase trade by doing away with tariffs.
In which economic system are the production and distribution of goods owned by private individuals or corporations? market
When a country has a market economy, explain what defines this system? Companies produce goods of their choice and consumers decide whether to buy the goods.
In a traditional economic system people usually exchange goods or services rather than use money. What is an example of this exchange process? bartering with a seller
What is the purpose of a tariff, such as a protective tariff? to increase the prices of imported goods and protect a country's own industries from foreign competition
Canada and Mexico are SIMILAR in that lowering trade barriers between these two nations has resulted in both nations experiencing growth in their economies.
Created by: ssha13



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