SW Asia Economics Vocab

Dominated by methods and techniques that are based on traditions, custom, and beliefs.

• command

• traditional

• market

• mixed

Planned and controlled by the central government

• command

• traditional

• market

• mixed

The prices of goods and services are determined by supply and demand and not controlled by the central government.

• command

• traditional

• market

• mixed

Allows characteristics of both privately owned and government controlled enterprises.

• command

• traditoinal

• market

• mixed

Exchange or trade without using money as currency

• bartering

• quota

• embargo

• tariff

Tax on imported goods

• bartering

• tariff

• embargo

• quota

Limit on the amount of specific goods that can be produced and imported

• bartering

• tariff

• quota

• embargo

Government order to stop trade with another country to put pressure on the government of the other country

• bartering

• tariff

• quota

• embargo

The total value of goods and services produced in a country in a year

• GDP

• capital goods

• human capital

• entrepreneur

Consists of equipment used by a company to produce other goods

• GDP

• capital goods

• human capital

• entrepreneur