3-8 trade

Trade is the 

• voluntary exchange of goods/services and benefits both sides 
• required exchange of goods/services 

Goods and services a country produces and sells to other countries

• imports

• exports

• demand

• supply

Goods and services brought in from other countries

• supply

• exports

• imports

• tariff

Actions in this type of economy relate to ritual, habit, and customs.

• Traditional
• Command
• Market
• Mixed

Free enterprise and no government regulation on the economy

• Command Economy
• Market Economy
• Traditional Economy
• Mixed Economy

The combination of a command and a market economy is ___________________. 

• mixed economy
• command economy
• market economy
• monopoly

In what economic system does the government determine what to produce, how to produce it, and how to market it?

• Traditional Economy

• Market Economy

• Command Economy

• Mixed Economy

Which of the following are ways that countries attempt to limit trade? (choose all that apply)

• Tariffs

• Deficit

• Quotas

• Investment

• Embargo

not having enough

• scarcity

• supply

• human resouce

• taxes

A barrier is meant to 

• encourage the flow of trade
• block or slow down trade
• make people obey the government