Economics Review Lessons 4-6 Flashcard 2

Front

A tax on imported goods

Back

Tariff

Front

The sum of all goods and services produced in a country in one year

Back

Gross Domestic Product (GDP)

Front

All economic decisions are made by the government.

Back

Command Economy

Front

All economic decisions are made by buyers (consumers) and sellers (producers).

Back

Market Economy

Front

All economic decisions are based on custom and habit from the past

Back

Traditional Economy

Front

Someone who is willing to take a risk to start a new business, invent something, or find a better way of doing something

Back

Entrepreneurship

Front

An economy with a blend of command and market economies.

Back

Mixed Economy

Front

Policies of a country that stop or slow down free trade with other countries

Back

Trade Barriers

Front

Medicare and Social Security are _______________

Back

Mandatory Spending

Front

True or False: A government would prefer to have more imports than exports.

Back

False