SS Vocab Preview

An economy in which a government planning group makes most of the basic economic decisions for the people of the country.

An economy in which a society's economic decisions are made by individuals who decide what to produce and what to buy.

Most of the economic decisions that are made based on customs and habits passed from generation to generation.

An economy that has characteristics of both market and command economies. Individuals and the government are involved in a country's economic decisions.

The process of concentrating on and becoming an expert in a particular product or service.

A trade barrier in which one country will no longer trade with another country; a form of economic punishment.

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

Anything that slows down or prevents one country from exchanging goods with another country.

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

The factories, machines, and technology used to make the products.