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AKS 37 & 36 Review

Economic Words

TermDefinition
mixed A combination of private business and government control of the economy. Democracies have this type of system.
market Private businesses make the economic decisions. It is based on supply and demand
traditional System based on customs and beliefs.
command System controlled by the government. Communist countries like Cuba have this type of system.
quota a limit on the amount of goods traded to increase production or demand for a product
blockade Not allowing goods to enter or leave a place
embargo refusing to trade with another country
tariff a tax placed on an IMPORTED good
currency exchange When you have to switch your money to another nation's currency because they use a different currency.
Physical trade barrier A physical feature that makes trade more difficult
Economic Trade barriers Quotas, embargos, tariffs (political policies that restrict or stop trade)
scarcity Not having enough of a product
Specialization Having one or a few main products for trade
Created by: mgilmour
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