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economydking
economics vocabulary
| Question | Answer |
|---|---|
| economy driven by individuals and private ownership with limited government interference | market economy |
| economy dictated by government | command economy |
| In what type of government would you most likely find a command economy? | communist/socialist |
| economy based on the traditions of the local indigenous population | traditional economy |
| An economic system combining market and command economic characteristics | mixed economy |
| To transfer (a major branch of industry or business) from private to national/country ownership or control | nationalize |
| International trade without tariffs, quotas, or other restrictions | free trade |
| restrictions or limits on trade | trade barriers |
| a limit on the amount of goods that can be imported or exported | quota |
| trade restriction that imposes taxes on imported goods | tariff |
| A trade barrier that prevents one country from importing and/or exporting goods with another country | embargo |
| people that contribute to the economy | human capital |
| goods that contribute to the production of goods or services Such as machines, factories, tools, natural resources | capital good |
| resources supplied by nature | natural resources |
| Individual who creates a business; usually found in market economy | entrepreneur |
| Gross Domestic Product is the total amount of goods and services produced in a country or state for a year | GDP |
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Popular American Government sets