Flashcards in Civics Deck (18)
To bring goods in from another country
To sell goods to other nations
The ability to produce something at a lower opportunity cost than another country can.
Doing things to make goods at home cheaper than imported goods.
A tax on imports,
Limits the amount of an item allowed to enter a country.
A payment or benefit the government gives to help a domestic producer
Policy in which countries join with key trading partners to lower trade barriers with the intention of increasing trade .
Free trade zones
When one country tries try to increase trade, they join with trading partners and set up areas of free trade.
Balance of trade
The difference between the value of a nations imports and the value of its exports.
The value of one currency when exchanged, or traded, for another.
The change from having sate owned businesses and farms to ones owned by private citizens.
Countries that have a high standard of living and a lot of industry.
Countries that are not very productive and have low GDP per capita
An economy that combines part of a market economy with parts of a command economy.
Individuals decide what to produce, how to produce, and for whom to produce. The people own the factors of production.
Government owns the factors of production.