Chapter 3 Section 3
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| Economist | a person who studies the economy
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| Traditional Economy | an economy that depends on agriculture and bartering, where decisions are made based on long-held customs, beliefs, or habits
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| Command Economy | an economy where government planning groups make the basic economic decisions
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| Economic Continuum | a range between different economic possibilities
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| Market Economy | an economy where decisions are made at an individual, rather than government level; individuals own most of the businesses
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| Mixed Economy | a combination of multiple economic systems
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| Gross Domestic Product | the total value of final goods and services produced in a country in one year
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| Standard of Living | refers to the level of wealth, comfort, material goods, and necessities available
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| Inflation | a continual increase in the price of goods and services
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| Unemployment | when a person does not have a job, but is actively looking for work and is currently available for work
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| Trade | the voluntary exchange of goods and services among people and countries
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| Tariff | a tax on imports
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| Quota | a specific limit placed on the number of imports that may enter a country
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| Embargo | a government order stopping trade with another country
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| Subsidy | giving money to certain businesses so they can continue to compete with imports
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| Standard | rules set by the government in regards to imports and domestic goods
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| Currency | the money people use to make trade easier
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| Exchange Rate | the price of one nation’s currency for another nation’s currency
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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