Comparing Economic Systems
Terms in this set (18)
the ability to produce a good at a lower opportunity cost than another producer
An economic system in which the government controls a country's economy.
An economy in which production is based on customs and traditions
A country that is at a relatively early stage in the process of economic development
Economic decisions are made by individuals or the open market based on supply and demand
An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.
send (goods or services) to another country for sale.
bring (goods or services) into a country from abroad for sale.
A tax on imported goods
A limit placed on the quantities of a product that can be imported
A system in which society, usually in the form of the government, owns and controls the means of production.
A system in which one class would evolve and hold all property in common, no government is necessary
balance of trade
the difference between a country's total exports and total imports
the value of a currency in one country compared with the value in another
situation in which a country imports more than it exports
international trade left to its natural course without tariffs, quotas, or other restrictions.
when a country exports more than it imports
per capita GDP
total Gross Domestic Product divided by a country's population
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Unit 1 Vocabulary
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