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CH 26
| Question | Answer |
|---|---|
| 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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