Unit 5 Economic Terms

In which economic system does the government control what, how, and for whom is produced?

• Command economy

• Market economy

• Mixed economy

• Traditional Economy

In which economic system does the buyers and sellers control what, how, and for whom is produced?

• Command economy

• Market economy

• Mixed economy

• Traditional Economy

In which economic system does the customs and habits of people control what, how, and for whom is produced?

• Command economy

• Market economy

• Mixed economy

• Traditional Economy

There are no pure market or pure command economies. All economies today exist as

• Mixed economies

• Traditional economies

Anything that slows or prevents trade between countries is called a

• airplane

• border wall

• free trade agreement

• trade barrier

An embargo is known as

• a ban on trade with another country to cause problems with their economy

• a limit on the amount of imported goods purchased

• a tax on imported goods

• a way to increase trade between two countries

A quota is known as

• a ban on trade with another country to cause problems with their economy

• a limit on the amount of imported goods purchased

• a tax on imported goods

• a way to increase trade between two countries

A tariff is known as

• a ban on trade with another country to cause problems with their economy

• a limit on the amount of imported goods purchased

• a tax on imported goods

• a way to increase trade between two countries

Mexico is known for producing a lot of avocados and tomatoes. Georgia is known for producing chicken. Becoming very good at something to make money is known as:

• BIG trade

• delicious

• specialization

• selling

NAFTA describes the

• North American Food Trade Agreement, letting the US and Mexico buy tomatoes and oranges from each other

• North American Free Trade Agreement, signed in 1994 to cut trade barriers between Canada, Mexico, and the USA

• North American Fun Trade Agreement, allowing people to come to Disney World for cheaper

• North American Fake Trade Agreement, saying that all trade between Mexico and the US is "fake news"