Vocab
This type of trade barrier places a tax on imported goods
Tariff
In this type of democracy, the people directly elect the president.
Presidential Democracy
This country has the most command-style economic features.
Cuba
Producing certain goods efficiently and trading for others is called this.
Specialization
Countries must convert money when trading internationally; this is called this system.
Currency Exchange
This economic system relies on customs and traditions to decide what to produce.
Traditional Economy
In this type of democracy, the legislature chooses the executive leader.
Parliamentary Democracy
These two countries have more market-based economic features.
Mexico and Brazil
This trade barrier limits the amount of goods traded.
Quota
This agreement reduces trade barriers among the United States, Mexico, and Canada.
USMCA
This term refers to people who create and run businesses to offer goods and services.
Entrepreneurs
Citizens in this type of government have limited or no power to choose leaders.
Autocracy
Citizens here vote in free elections to choose leaders.
Mexico or Brazil
Stopping trade completely with another country is called this.
Embargo
Higher literacy can lead to better jobs and improved living conditions which increases this.
Standard of Living
This describes a country that combines market and command economic features.
Mixed Economy
Voting and influencing government decisions are examples of this.
Citizen participation
This country has limited political parties and citizen choice in elections.
Cuba
Investment in education and training is known as this type of capital.
Human Capital
This factor of production is not man made, can be found naturally, and provides countries with the necessary materials for producing goods and services.
Natural Resources
This is the value of all goods and services produced per person in a country.
GDP per capita
Free elections in Mexico and Brazil show that they are this type of government.
Democracy
Higher literacy and investment in education in these countries can improve standard of living.
All three
Factories, machinery, and technology are examples of this.
Capital Goods
Creating jobs, innovation, and new businesses describes the impact of this.
Entrepreneurship