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Flashcards in Trade Terms Deck (12)
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1
Q

Import

A

Goods and resources that are bought and brought into a country

2
Q

Export

A

Goods or resources that are sold or sent out

3
Q

Tariff

A

A fee or tax on a good that is imported into a country

4
Q

Quota

A

A limit on amount of a good that can be imported

5
Q

Embargo

A

A refusal of one country to trade with another

6
Q

Free Trade

A

Economic practice where countries can import and export goods without fear of the government stopping it

7
Q

Market Economy

A

Decisions are made by individuals

8
Q

Command Economy

A

Government makes the decisions

9
Q

Mixed Economy

A

Combination of free market and limited government involved

10
Q

Traditional Economy

A

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

11
Q

Human Capital

A

knowledge skills and talent a person possesses

12
Q

Investment in human capital

A

efforts to acquire and improve human capital