Economics Vocab Review

Front

Economic system where the government decides production details.

Back

Command

Front

Economic system based on customs and beliefs?

Back

Traditional

Front

In this country, business is based on competition. Success comes from doing something better and cheaper than competitors.

Back

Market

Front

Type of economy in most countries?

Back

Mixed economy

Front

North Korea's economy is controlled by a dictator. What type of economy is this?

Back

Command

Front

GDP stands for?

Back

Gross Domestic Product

Front

Gross Domestic Product (GDP)

Back

Value of all finished goods and services produced in a country over a set period.

Front

Tax on imports

Back

tariff

Front

Goods and services a country produces and sells to other countries

Back

exports

Front

Goods and services brought in from other countries

Back

imports