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Stack #4531179
Chapter 6 and 7 Europe Gov and Economics 25-26
| Term | Definition |
|---|---|
| Trade Barrier | any regulation or policy that restricts international trade, especially tariffs, quotas, or embargoes |
| Command Economy | an economic system based on government control and regulations |
| Tariff | a tax that is placed on goods brought into one country from another |
| Market Economy | an economic system based on supply and demand, in which consumers and producers can buy and sell what they want |
| Standard of Living | the measure of a nation's quality of life based on income, education, life expectancy, and other factors |
| Traditional Economy | an economic system based on traditional customs and values |
| Specialize | to become an expert in a particular subject, skill, or trade; to produce a limited variety of goods and services |
| Opportunity Costs | the value of what you have to give up in order to choose something else |
| Confederation | a loose alliance of countries, states, and other political units in which each unit maintains most or all power over itself |
| Gross Domestic Product Per Capita | the total market value of the goods and services produced by a country in a specific year divided by the population |
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