Economics Study

A system where people buy and sell goods and services freely, and prices are decided by what people are willing to pay.

• Market Economy

• Traditional Economy

• Command Economy

• Interdependence

A system where people make and trade things based on customs and traditions, often passing skills and jobs from one generation to the next.

• Market Economy

• Traditional Economy

• Command Economy

• Interdependence

A system where the government makes all the decisions about what goods and services are produced, how much they cost, and who gets them.

• Market Economy

• Traditional Economy

• Command Economy

• Interdependence

Interdependence

• When the economies of different nations rely on each other

• Things that encourage the purchase of specific products.

• Things that discourage you from purchasing specific products

• A penalty or punishment for purchasing goods or services.

Something that motivates people to do something by offering a reward or benefit, like money or discounts.

• Incentive

• Tariff

• Sanction

• Market Economy

Sanction

• A penalty or punishment, often used by other countries to stop trade of specific goods.

• A tax that a government puts on goods coming in from other nations

• Agreements between nations to trade

• Money or assistance provided by the government to support certain industries or activities.

Limits set by a government on the amount of goods produced or traded.

• Quota

• Subsidy

• Treaty

• Tariff

Tariff

• A tax that a government puts on goods coming into the country, making those imported goods more expensive.

• A penalty or punishment, often used by countries to try to change another country's behavior by restricting trade or other economic activities.

• Agreements between countries about trade and economic policies to help them work together and benefit from each other's markets.

• Money or assistance provided by the government to support certain industries or activities, often to help them lower their costs or compete more effectively.

A company or individual that buys goods from manufacturers and sells them to retailers or other businesses, helping to get products to different places for sale.

• Distributor

• Manufacturer

• Producer

• Retailer

Consumer

• Person who sells goods/services

• Person who buys goods/services