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Chapter 26

TermDefinition
Export To sell goods to other countries
Import A good purchased from one country by another
Comparative Advantage The ability of a country to produce a good at a lower opportunity cost than another country can
Tariff A tax on imported goods
Quota A limit on the amount of foreign goods imported in a country
Free Trade Policy of reduced trade barriers
Exchange Rate The price of one nation's currency in terms of another nation's currency
Balance of Trade The difference between the value of a nation's exports and its imports
Trade Surplus Situation in which the value of the products exported by a country exceeds the value of its imports
Trade Deficit Situation in which the value of the products imported by a country exceeds the value of its exported
Market Economy System in which individuals own the factors of production and make economic decisions through free interaction
Per Capita GDP Gross Domestic Product per person
Command Economy An economic system in which the major economic decisions are made by the central government
Socialism Economic system in which the government owns some factors of production and distributes the products and wages
Communism Economic system in which the central government directs all major economic decisions
Mixed Economy System combining characteristics of more than one type of economy
Developing Country A country whose average per capita income is only a fraction of that in more industrialized countries
Traditional Economy An economic system in which the decisions of what, how, and for whom to produce are based on custom or habit
Created by: MHart531
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