Government and Economy vocabulary terms

Front

Which type of economic system is people making and growing their own food?

Back

Traditional

Front

Most countries in the world, including the US, use what economic system?

Back

Mixed

Front

Competition between businesses is an example of what economic system?

Back

Market

Front

Which economic system is based on government control?

Back

Command

Front

In which economic system do people grow and make things based on history and tradition?

Back

Traditional

Front

In which economic system do people in business decide how things will be made or grown?

Back

Market

Front

In which economic system does the government control all the resources?

Back

Command

Front

A trade barrier in which one country announces that it will no longer trade with another country in order to isolate and cause problems with that country's economy; a ban on trade.

Back

embargo

Front

Something that is used as a medium of exchange; money

Back

currency

Front

A system of changing from one type of currency (money) to another.

Back

exchange rate