Southwest Asia Economics Vocabulary

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Traditional Economy

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Based on customs and on the habits of how decision were made in the past.

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Gross Domestic Product

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The value of all the final grade and services for workers to earn a living.

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Entrepreneurs

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Creative, original thinkers who are willing to take risks to create a new businesses and products. 

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Command Economy

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A government planning group makes most of the economic decisions for the people.

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Specialization

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Products a country makes best that are in demand on the world market.

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Mixed Economy

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Has characteristics of both a market and command economy.

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Quota

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A limit on the amount of foreign goods that can come into a country.

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Embargo

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When a country announces that it will no longer trade with another country in order to isolate and cause problems with that country's economy.

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Tarriff

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A tax placed on goods when they are brought into one country from another country.

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Capital Goods

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Factories, machines, and technology that people use to make products to sell.