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Cantrell's Economics

Traditional Economy People in this economic system produce what they need to survive by farming or hunting and gathering. They trade by bartering.
Command Economy The government controls what is produced and how it is produced.
Market Economy Economic decisions are based on what its people want to buy and sell.
Mixed Economy All countries have this type of economy.
Economy of Cuba Mixed, mostly Command
Economy of Mexico Mixed, mostly Market
Economy of Brazil Mixed, mostly Market
Tariff Tax on imported goods
Quota Restrictions on the amount of a good purchased from another country
Embargo Trade is forbidden with other country
North America Free Trade Agreement NAFTA
Purpose of NAFTA To establish free trade between USA, Canada, and Mexico
Currency Money
Foreign Exchange Exchanging money from one country for money from another
Pesos Mexico's Currency
Real Brazil's Currency
Dollar USA's Currency
Productive Resources Natural Resources, Capital Resources, Human Resources, Entrepreneurs
GDP Gross Domestic Product
GDP measures Total income of the country for a year
GDP Per capita Average Household Income
Germany's Economy Mixed mostly Market
Russia's Economy Mixed mostly Market
UK's Economy Mixed mostly Market
Interdependence When two or more countries depend on each other to provide the goods and services they need
Created by: dcantrell