Vocabulary
Define the term production
The process by which goods are made.
Who makes the economic decision in a market economic system?
Businesses & Citizens
Define the term tariff
Tax on imported goods
Define the term distribution
How goods are transported from one location to another location.
Who is the author of "The Jungle"?
Upton Sinclair
Define the term embargo
When one country refused to trade with another country
Define the term cultural values.
Ideals that determine how a country runs and how they create their economy.
How are economic decisions made in a traditional economic system?
Habits & Customs
Define the term quota
Limit on imported goods
Define the term imports
Goods that are bought from another country
In a command economic system, who makes the economic decisions?
The government
Define the term product regulation
Laws dealing with the production, packaging & shipping of manufactured goods
Define the term exports
Goods that are sold to another country
Define the term specialization
The process by which countries become experts at making select goods
Define the term subsidies
Government money given to industries to produce a good