Types of Economies
Type of economy in all countries
What is mixed?
GDP are initials for this
Gross Domestic Product
Use to slow down or stop trade
What is a trade barrier?
Bartering a cow for 2 goats
What is traditional economy?
Bartering and Trading are part of this economy
Traditional
Government owns all businesses
What is command?
Products brought into a country
What is import?
Trade barrier that limits imports
What is quota?
What is a mixed economy?
Groups that have traditional economies
What are indigenous? (Inuit, Aborigine, Amish)
Buyers and Sellers control businesses
What is market?
Being an expert in a particular field
What is specialization?
Trade barrier that taxes imported goods
You are told you will work as a painter how much you will be paid, how many hours you can work by the mayor of your town
What is command ecoonomy?
Customs are a part of this economy
What is traditional?
Products sold and sent out of a country
What is export?
Oceans, mountains, deserts would be this type of barrier
What is a geographical or physical barrier?
Learning how to farm and grow peanuts from your father and then selling them in the farmer's market each Saturday.
What is market/mixed economy?
A reason why a country would place an embargo on another country
Free Market and Capitalism
What is market?
Three questions answered by economies
What to produce? How to produce? For whom to produce?
The USA placed this on Iran and Cuba to try to persuade them to change government
What is an embargo?
You live as part of the Amish community in Pennsylvania.
What is traditional economy?
The total value of all goods and services produced in a country in a year
What is GDP?