SW Asia Economics

Tariffs, quotas, and embargoes are examples of

• GDP

• trade barriers

• economy

• goods and services

As you move along the economic continuum from market to command, what happens to the amount of government involvement in the economy??

• It decreases
• It increases
• It stays the same

As you move along the economic continuum from market to command, what happens to the amount of economic freedom in the system?

• It decreases
• It increases
• It stays the same

Tools used in the production of goods and services

• Captial goods

• Human Captial

• Natural Resources

• Education

Something that comes from the Earth or nature that is useful to humans.

• Natural Resources

• Capital Goods

• Human Capital

• Embargoes

Voluntary exchange of goods and services among people and countries

• Embargo

• Trade Barriers

• Tariffs

• Trade

An economy that depends on agriculture and bartering, where decisions are often made based on long-held customs, beliefs, or habits

• Command Economy

• Traditional Economy

• Market Economy

• Mixed Economy

An eonomy where decisions are made at an individual, rather than a government level

• Command Economy

• Traditional Economy

• Market Economy

• Mixed Economy

When a country focuses on producing the goods and service they can make and trading for what they are unable to produce.

• Trade barrier

• Specialization

• Exchange Rate

• Trade

An economy where government planning groups make the basic economic decisions

• Traditional economy

• Command economy

• Market economy

• Mixed economy