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Cantrell's Economics
Question | Answer |
---|---|
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 |