"Social Study Vocabulary Words"
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. China is a market economy.
A command economy is when government makes decisions, or a planned economy, is an economic system where the main economic decisions (such as allocating scarce resources like labor, capital, soil and natural resources) are taken by a central body; which is usually the government. In a command economy the government make all the choices.
A traditional economy is an original economic system in which traditions, customs, and beliefs shape the goods and the products the society creates. Countries that use this type of economic system are often rural and farm-based. A traditional economy relies on hunting,fishing, and agriculture.
An embargo (from the Spanish "embargo", meaning hindrance, obstruction, etc. in a general sense, tranding ban in trade terminology and literally "distraint" in juridic parlance) is the partial or complete prohibition of commerce and trade with a particular country or a group of countries.
A tariff is a tax on imports or exports (an international trade tariff), or a list of prices for such things as rail service, bus routes, and electrical usage (electrical tariff, etc.)
A barrier to trade is a government-imposed restraint on the flow of international goods or services. The most common barrier to trade is atariff—a tax on imports. Tariffs raise the price of imported goods relative to domestic goods (goods produced at home).
factor of production
gross domestic production
standard of living
medium of exchange
A medium of exchange is an intermediary used in trade to avoid the inconveniences of a pure barter system.
- Profit or Advantage
- The supplying or supplier of utilities or commodities, as water,electricity, or gas, required or demanded by the public