I&S Vocabulary

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Market economy

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An economic system where supply and demand drive economic decisions and pricing.

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Tariffs

Back

Taxes imposed on imported goods and services.

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Quotas

Back

Limits on the quantity of a product that can be imported or exported.

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Embargos

Back

Official bans on trade or other commercial activity with a particular country.

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Traditional economy

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An economic system rooted in customs, history, and time-honored beliefs.

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USMCA

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United States-Mexico-Canada Agreement, a trade deal between the three countries.

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Command economy

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An economic system where the government makes all decisions regarding the production and distribution of goods and services.

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GDP

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Gross Domestic Product, the total value of goods produced and services provided in a country during one year.

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Literacy Rate

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The percentage of people who are able to read and write in a given population.

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Capital goods

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Goods used in the production of other goods, rather than being bought by consumers.