Economics Flashcards
0
Q
Market
A
Business privately owned
1
Q
Command economy
A
All economic decisions made by the government
2
Q
Mixed
A
Combination of privately owned and government controlled businesses
3
Q
Definition of trade
A
Buying and selling and exchanging of goods within and between countries.
4
Q
Exports
A
Products leaving the country
5
Q
Imports
A
Products entering the country
6
Q
When does trade imbalance occur
A
Trade imbalance occurs when a country’s imports and exports are not equal
7
Q
What are tariffs?
A
Tariffs are taxes placed on imports to protect domestic products
8
Q
Embargo/blockade
A
A country refuses to trade with another country for political or economic reasons
9
Q
What are taxes?
A
Government raises money by collecting taxes
