Types of Economies
In this economy, people often barter and make goods for their own use.
What is a traditional economy?
This factor includes workers and their skills.
What is labor?
Goods brought into a country are called this.
What are imports?
A powerful country takes over a weaker area for resources or power.
What is colonization?
The process of a colony becoming its own nation.
What is independence?
In this economy, the government controls all major aspects of the economy.
What is a command economy?
Natural resources like water, oil, and land belong to this factor.
What is Land?
Goods sent out of a country to sell elsewhere.
What are exports?
The race for land and power by European nations in the 1400s–1800s.
What is imperialism?
A famous leader who led India to independence through peaceful protest.
Who is Mahatma Gandhi?
In this economy, businesses are privately owned and prices are set by supply and demand.
What is a market economy?
Machines and tools used to produce goods are part of this.
What is capital?
When countries trade because one can make something more efficiently.
What is comparative advantage?
A negative impact of colonization on native people.
What is loss of land or culture?
One way colonies fought for independence.
What is a revolution or war?
This type of economy combines elements of both market and command systems.
What is a mixed economy?
This person takes a risk to start a business.
What is an entrepreneur?
Limiting trade through tariffs or quotas is known as this.
What is a trade barrier?
Colonizers often forced language or religion onto native populations.
What is assimilation?
The American Colonies gained independence from this country in 1776.
What is Great Britain?
A key feature of a market economy where prices are influenced by what people want and what is available.
What is supply and demand?
All four factors of production together make this possible.
What is economic production?
Organizations like this one help countries trade more freely.
What is the World Trade Organization (WTO)?
The country that colonized much of Latin America.
What is Spain?
This 20th-century movement led many African countries to gain independence.
What is the decolonization movement?