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EconomicSystems

TradeBarriers

Economic Growth Terms Potluck

Economic System where the economic

questions are answered based on customs and

beliefs…

TraditionalEconomy

Economic system where the

government makes all economic

decisions…

Command Economy

Economic system that is centered on the concept

of free enterprise…

Market Economy

Economic system that combines free

enterprise with governmental involvement in

certain industries…

Mixed Economy

The majority of Democratic

nations in the world have this

type of economy…

MixedEconomy

Anything that hinders

(prevents) free trade from occurring is

referred to as a…

TradeBarrier

Goods purchased outside the

country are called _____ , and goods sold outside the

country are called _____.

Imports & Exports

The North American Free Trade

Agreement (NAFTA) is designed to encourage free trade amongst

these 3 countries…

Mexico, Canada, & the United

States

Name 2 of the 3 types of trade barriers that

we’ve discussed…

Cultural, Physical, and

Economic

Name the 3 types of

economic trade barriers…

Embargo, tariff, and

quota

All the skills, talents, abilities,

and education that human

workers possess.

Human Capital

When someone starts their own

business, invents something new, or improves an existing idea…

Entrepreneurship

All the goods that are produced in an

economy, then used to produce other goods and

services…

Capital goods

The total amount of goods and

services that are produced in a country during

one year…

Gross DomesticProduct (GDP)

List 2 ways in which a country can invest in its human capital…

• Educating citizens• Training citizens• Keeping citizens healthy

The term for exchanging goods and services

without the use of money…

Barter

Anything that can be used an

accepted method of money…

Currency

The term for competition

among companies…

Free enterprise

The term for countries being

able to exchange goods and

services without any trade barriers…

Free Trade

This economic trade barrier is when a country refuses to trade

with another country, for

political reasons…

Embargo

Any materials that are found in nature and are

valuable to people…

Natural Resources

Germany, Russia, and he United

Kingdom all have which type of

economy…

Mixed Economy

A limit on the number of a certain good that

can be imported into a country is called a…

Quota

Countries with communist

governments are known to have what type of economy…

CommandEconomy

List 2 things that make Russia’s

natural resources

difficult to use…

• Harsh climate• Large size• Few navigable rivers• It’s landlocked