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Economic Systems

TermDefinition
Market Economy economic system in which decisions on production and consumption of goods and services are based people
Command Economy An economic system in which the government controls a country's economy.
Mixed Economy An economy in which people make the economic decisions with government regulation.
economic continuum a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100)
trade barrier any restriction that limits international trade; including physical barriers
tariff tax on imported goods
embargo A ban on trade; usually politically motivated
quota A limit placed on the quantities of a product that can be imported
barter Exchange goods without involving money.
Traditional Economy goods and services are produced the way it has always been done
Created by: mhead
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