A system where the government rather than the free market, determines what goods should be produced how much should be produced and the price at which the goods will be offered for sale. EX China, Cuba , North Korea
Is an original economic system in which traditions, customs, and beliefs shape the goods and the products the society creates. EX rural and farm based
advertise or promote EX sell, retail, vend, merchandise, trade,
Exchange for other goods or services without using money. ex trade, swap, exchange, sell
Impose an official ban on (trade or a country) ex If the US ordered no Merchant Vessels from Great Britain would be allowed into any US ports; that would be an embargo against England. Or a restriction for importing goods from or to Honduras.
fix the price of (something) according to a tariff. ex If the US ordered no Merchant Vessels from Great Britain would be allowed into any US ports; that would be an embargo against England. Or a restriction for importing goods from or to Honduras.
a limited quantity of a particular product that under official controls can be produced, exported, or imported.
are measures that governments or public authorities introduce to make imported goods or services less competitive than locally produced goods and services. Not everything that prevents or restricts trade can be characterised as a trade barrier
the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
goods that are used in producing other goods, rather than being bought by consumers.
FACTORS OF PRODUCTION
An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit. The factors of production include land, labor, capital and entrepreneurship.
GROSS DOMESTIC PRODUCT
The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis.
STANDARD OF LIVING
the degree of wealth and material comfort available to a person or community.
Adult literacy rate - Percentage of persons aged 15 and over who can read and write.
MEDIUM OF EXCHANGE
A medium of exchange is an intermediary used in trade to avoid the inconveniences of a pure barter system.
an economic system combining private and public enterprise.
perform routine maintenance or repair work on (a vehicle or machine).
A market economy is an economy in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.