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Flashcards in Trade Terms Deck (10)
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1
Q

Import

A

goods or resources that are bought and brought into a country

2
Q

Export

A

goods or resources that are sold and sent out to other countries

3
Q

Tariff

A

a fee or tax on a good that is imported into a country

4
Q

Quota

A

a limit or amount of a good that can be imported into a country

5
Q

Embargo

A

the refusal of one country to trade with another

6
Q

Free Trade

A

economic practice where countries can import and export goods without fear of the government stopping it

7
Q

Market Economy

A

Decisions made by individuals,based on trade and competition, also called free market or capitalism,often lacks regulation or quality

8
Q

Command Economy

A

Also called centrally planned economy, government makes all decisions, no incentive to work hard

9
Q

Mixed Economy

A

combination of free market, and limited government involvement, government in place to assure quality and regulation

10
Q

Traditional Economy

A

Based on culture and rituals, and is focused on the community as a whole.