an economic system where the government makes all of the economic decisions

• command
• market
• mixed
• traditional

taxes placed on imported goods 

• tariff
• quota
• embargo
• entrepreneur

limits on the amount (quantity) of a good that can be imported into a country

• specialization
• tariff
• quota
• entrepreneur

forbids trade with another country, usually for political reasons

• human capital
• command economy
• embargo
• tariff

an economic system where businesses can own resources and determine what and how to produce, but the government regulates certain industries; a combination of market and command economic systems. Most democratic countries fall into this category.

• market economic system
• command economic system
• traditional economic system
• mixed market economic system

an economic system where the market determines what will be produced, private businesses (producers) decide how to produce, and the consumers who demand the product determine for whom to produce

• command economic system
• specialization
• market economic system
• traditional economic system

an economic system that follows their customs and/or traditions, produces only what is needed to survive or for trade; based on customs and beliefs

• command economic system
• entrepreneur
• mixed economic system
• traditional economic system

occurs when one country can produce a good or service at a lower opportunity cost than another country. They can then export the products to other countries.

• specialization
• embargo
• entrepreneur
• quota

materials that occur in nature and can be used for economic gains (examples: oil, trees, land, etc...)

• human capital
• capital goods
• natural resources
• specialization

a person who comes up with a product or service, or a better way to produce one. They create new jobs and reduce unemployment leading to a higher GDP.

• entrepreneur
• specialization
• quota
• embargo