Trade Barriers and Economic Systems

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

A tax on imports

• tariff

• import tax

• supply

• embargo

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

• tariff

• embargo

• demand

• quota

A government order stopping trade with another country

• tariff

• embargo

• quota

Rules used to try to limit trade with other countries

• embargo

• tariff

• trade barriers

• quota

Which is an example of a quota?

• The U.S. stops trade with China.

• The U.S. limits the amount of foreign cars brought into our country.

• The U.S. pays a high tax on BMW cars brought into the country.

Choose an example of an embargo

• The U.S. government stops all trade with China.

• Canada and the U.S. have no restrictions on trade.

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