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Traditional Economies
Economic decisions are based on customs and traditions.
Command Economies
An economic system where the government usually owns most of the property and makes decisions.
Market Economies
An economic system where private citizens own businesses and keep the profits earned.
Mixed Economies
Economic systems that are on a continuum between market and command, with some government controls always present.
Trade barriers
Anything that restricts free trade.
Tariffs
Taxes on goods that come into a country, increasing the price of imported goods.
Quotas
Restrictions on the amount of goods that can be imported into a country, potentially creating shortages.
Embargo
A prohibition on the sale of certain products to another country, often due to political disputes.
Natural resources
Raw materials that come from nature, used for production; can be renewable or non-renewable.
Capital resources
Goods produced by people to make other goods and services, such as machines and tools.
Human capital
The education, skills, and experience of workers.
Trade deficit
When a country imports more than it exports.
Trade surplus
When a country exports more than it imports.
Trade balance
When the value of imports is equal to the value of exports.
Consumer
Someone who buys goods or services.
Profit
The amount of money made by a business that exceeds the expenses.
Currency
A type of money that a country uses.
Entrepreneur
Someone willing to take a risk to start a new business.
Barter
The trading of goods and services without using currency.
GDP
Gross Domestic Product; the total value of goods and services produced within a country in a year.
Interdependence
Reliance on trade with other countries to fulfill a country's needs.
Globalization
Cooperation among nations in the production and exchange of goods and services.
Specialization
Concentration on a narrow range of goods and services.
Literacy Rate
Percentage of the population able to read and write.