Economic Systems

A number limit on how many items can be imported from a particular country

• tariff
• quota
• embargo
• communist

countries with few or no manufacturing centers; they practice subsistence farming and working toward industrialization

• developed countries
• developing countries

Sets rules for deciding what goods and services to produce, how to produce them, and who will receive them

• trade barriers
• economic system
• NAFA
• developing countries

Uses bartering to exchange goods and services

• command
• traditional
• mixed
• market

Government determines how much something will cost and which people receive training for particular jobs.

• market
• mixed
• traditional
• command

Prices are determined by producer supply and consumer demand

• command
• market
• mixed
• traditional

Individuals own resources and determine what and how to produce

• command
• traditional
• mixed

Government owns resources and controls production

• command
• traditional
• mixed
• market

to buy goods from another country

• import
• export
• interdependence

combination of market and command (government regulation)

• command
• traditional
• mixed
• market