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CH 26

export to sell to another country
import to purchase from abroad
comparative advantage ability of one country to produce goods at a low price than other
tariff tax on imported goods
quota limits on the amount of foreign goods to be imported
free trade trade without barriers
exchange rate how much a nation's currency is worth in terms of another nation's currency
balance of trade difference between the value of a nation's exports and it's imports.
trade surplus a positive balance of trade
trade deficit a negative balance of trade
market economy an economy where decisions are made based on the interaction of supply and demand.
per capita GDP total GDP divided by the country's total population
command economy economic decisions are made by the government
socialism economic system in which government owns some factors of production and distributes the products of the wages
communism economic system in which all economic decision are made by the central government
mixed economy individuals carry out their economic affairs freely, but are subject to some government regulation.
developing country countries whose average per capita income is only a fraction of that in more industrialized countries
traditional economy economic decisions are based on custom or habit
Created by: nicholasbrown



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