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Tariff
A tax on imported goods
Quota
A specific limit placed on the number of imports that may enter a country.
Embargo
Government order to stop trading with another country.
Traditional Economy
Exchange of goods and services based on customs and tradition.
Command Economy
The government owns the industries and makes the economic decisions.
Market Economy
Individual business owners make the economic decisions based on what the consumers buy.
Consumer
Customer
Producer
Maker of goods.
Supply
Amount of goods available.
Demand
How many customers want the goods.
Imports
Goods purchased from other countries.
Specialization
A county may specialize in the production of certain goods.
Exchange Rate
A fee that you pay to trade your money for another currency.
Currency
Money
Gross Domestic Product (GDP)
the total value of all goods and services produced within a country during a given year.
Standard of Living
How rich or poor a country is.
