The Benefits of Free Trade for Developing Country

Question 1

Imports

Answer 1

goods or resources that are bought and brought (into) a country

Question 2

Exports

Answer 2

goods or resources that are sold and sent out (exit) to other countries

Question 3

Tariff

Answer 3

fee or tax on a good imported into a country

Question 4

Quota

Answer 4

a limit on amount of a good imported into a country

Question 5

Embargo

Answer 5

the refusal of one country to trade with one another

Question 6

Free Trade

Answer 6

an economic practice where countries can import and export goods without the government stopping them

Question 7

Market Economy

Answer 7

Decisions are made by individuals, based on trade and competition, often lacks regulation or quality

Question 8

Command Economy

Answer 8

also called Central Planned economy, Government makes all decisions, what to produce, controls and redistributes wealth and resources, prices and wages, no incentive to work hard

Question 9

Mixed Economy

Answer 9

combination of free market and limited government involvement, government in place to assure quality and regulation

Question 10

Traditional Economy

Answer 10

based on culture and rituals, and is focused on the community as a whole