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Economic Systems
Economic Systems and Trade Barriers Vocab
| Term | Definition |
|---|---|
| Market System | an economic system in which individuals, not the government control the production and distribution of goods and services; also called capitalism |
| Command Market | decisions are made by the government, less economic freedom |
| Traditional Economy | An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next. |
| economic continuum | a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100) |
| bartering | Exchanging products or services with others by agreeing on their values without using money. |
| economic system | the method used by a society to produce and distribute goods and services |
| Trade Barrier | restrictions to free trade either due to physical land features, or government restrictions |
| quota | A limit placed on the quantities of a product that can be imported |
| embargo | an official ban on trade or other commercial activity with a particular country; usually for political reasons |
| tariff | A tax on imported goods |
Created by:
mhead
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