Middle East Gov/Econ Vocabulary

The range represented by a line from pure command to pure market

• Embargo

• Exchange Rate

• Economic Continuum

• Specialization

The combination of two or more economic systems

• Traditional

• Mixed

• Market

• Command

A system where the government answers the 3 economic questions

• Traditional

• Mixed

• Market

• Command

Trade between countries without any trade restrictions or barriers

• Embargo

• Free Trade

• Quota

• Tariff

A trade barrier that limits an amount of a good that can be produced or sold

• Embargo

• Free Trade

• Quota

• Tariff

A situation where countries depend on each other because they do not produce everything that they need

• Interdependence

• Specialization

• Embargo

• Quota

A trade barrier that stops all trade between countries

• Embargo

• Free Trade

• Quota

• Tariff

Value of your currency in terms of another country's currency

• Economic Continuum

• Exchange Rate

• Specialization

• Interdependence

A system where consumers/producers answer the 3 economic questions

• Traditional

• Mixed

• Market

• Command

When countries produce those goods/services that they are best suited for (made faster and cheaper)

• Traditional

• Specialization

• Interdependence

• Exchange Rate