Bonus words
What is tariff ?
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods.
What is mixed economy ?
A mixed economy is an economy organized with some free-market elements and some socialistic element.
What is Entrepreneur ?
An entrepreneur is someone who starts or owns a business.
What is quota ?
A quota is a fixed maximum or minimum proportion of people from a particular group who are allowed to do something
What is market economy ?
A market economy is an economic system where two forces, known as supply and demand, direct the production of goods and services.
What is natural resources ?
A natural resource is something that is found in nature and can be used by people.
What is opportunity cost ?
An opportunity cost is the value of the option not taken when a business makes a decision.
What is command economy ?
A command economy is one in which a centralized government controls the means of production and determines output levels.
What is human capital ?
The knowledge, skills, and health that people invest in and accumulate throughout their lives, enabling them to realize their potential as productive members of society.
What is trade balance ?
Trade balance is the difference between the value of the goods in a country.
What is traditional economy ?
Traditional economies are those in which customs and traditions are more important than money.
What is Specialization ?
Specialization involves focusing on a specific skill, activity, or production process.
What is embargo ?
An order of a government prohibiting the departure of commercial ships from its ports.
What is GDP ?
GDP measures the monetary value of final goods and services.
What is currency exchange ?
A currency exchange is a licensed business that allows customers to exchange one currency for another.