Vocabulary
This economic model often dictates the setting of prices in free market economies
What is supply and demand?
This number on the economic continuum signifies a full Command economy
What is 0?
This trade term refers to a tax on imported goods
What is a tariff?
Kallik lives near the border of Alaska. Kallik’s family has a small boat that they have kept seaworthy and safe for many, many generations. They catch many fish, but they create and grow very little else. Each week, Kallik’s family trades some of their extra fish with a neighboring family who weaves warm clothing.
What is a traditional economy?
This term best describes citizens actively participating in an economy and buying products
What is a consumer?
This number on the economic continuum signifies a full market economy
What is 100?
This trade term refers to a limit placed on foreign imports
What is a quota?
In the nation of Varkonia, the government owns all factories and farms. Leaders decide what goods will be produced, how much they will cost, and where they will be distributed. Citizens are assigned jobs by the government.
What is a command economy?
This economic term refers to the manufactures and sellers actually making goods and products to sell
What are producers?
This number on the economic continuum signifies a perfect blending of command and market economies
What is 50 (mixed economy)?
This trade term is usually only used in extreme circumstances, generally political in nature, and describes a full stop of all trade with a particular country
What is an embargo?
Keisha is a business owner. In her city, there is a lot of interest in nursery room toys in bright, fun colors. Keisha has found a paint source that is very affordable, and there are no government regulations or barriers to keep her from buying them. She sets her own prices based entirely on the demand.
What is a market economy?
This economic term refers to someone who starts their own business
What is an entrepreneur?
A country falls along this part of the economic continuum when it's government exerts more control over the economy than private businesses
What is mixed - command?
Trade exists and is in fact essential in order for countries all over the world to secure this randomly occurring commodity
What are natural resources?
In the small mountain town of Riverside there is a thriving sector of local entrepreneurs opening shops and restaurants. These business owners set their own prices based on demand, but must comply with local, state, and federal regulations like fire safety measures, food safety requirements, etc
What is a mixed market economy?
This term refers to the governments ability to ensure products are safe for consumers while protecting workers and the environment
What are government regulations?
A country falls along this part of the economic continuum when supply and demand dictate more of the economy than government regulations
What is mixed market?
* Daily Double! *
These 2 economic terms describe trade in terms of different goods flowing in and out of a country
What are imports (in) and exports (out)?
Josef’s is a business owner. The city government has come to Josef and provided him the supplies to produce work boots. Josef still sells some goods to local consumers, but the majority of boots he specializes in go back to the government who distribute local workers Josef's high quality boots. For compensation local government owned farms supply Josef and his family with plenty of food.
What is mixed command?