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economic continuum
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mixed economy
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GSE Unit 9 Vocabular
GSE Unit 9 Vocabulary Review #2
| Term | Definition |
|---|---|
| economic continuum | a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100) |
| mixed economy | term used to describe the market/command/traditional blending of all modern world economies |
| deregulation | reduction of government oversight and/or influence in a given sector of the economy |
| recession | a period of economic decline due to lagging trade and/or reduced industrial activity |
| trade barrier | any activity which slows or outright blocks the free exchange of goods and services between nations |
| specialization | focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively |
| voluntary trade | trade in which both partners freely agree to and benefit from the exchange of goods/services |
| boycott | refusal to purchase a good/service from a specific company or country |
| domestic | term which refers to the products of services originating in one’s own country; it is the antonym of foreign |
| embargo | a trade barrier which blocks all trade with another nation |
| quota | a trade barrier which places a limit on imported goods |
| sanction | the act of economically punishing another nation |
| tariff | a trade barrier which places a tax on imported goods |
| currency | a nation’s money |
| currency exchange | converting one nation’s money into an equivalent value/quantity of another’s |
| exchange rate | the approximate value of one nation’s currency in terms of another’s |
| arable | suitable for farming |
| natural resource | a material on or in the earth that has economic value |
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