Economic Systems and Voluntary Trade

Front

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

Back

Command

Front

Which of the following best explains a mixed economy?

Back

Private ownership of the factors of production and regulation of businesses by government

Front

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

Back

Traditional

Front

Goods and services a country produces and sells to other countries

Back

exports

Front

A tax on imports

Back

tariff

Front

Goods and services brought in from other countries

Back

imports

Front

A limit to the number of imports that may enter a country

Back

quota

Front

A government order stopping trade with another country

Back

embargo

Front

Rules used to try to limit trade with other countries

Back

trade barriers

Front

A free-trade zone means:

Back

There are no tariffs between the countries in this zone.