production quota - a goal of certain amount of a good or service to be producing in a certain timeframe, Traditional Economy - An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next., wage - The amount paid to an employee for every hour worked, free enterprise - Economic system in which individuals and businesses are allowed to compete for profit without control from the government, command economy - An economic system in which the government controls a country's economy., subsistence - producing only what is needed for personal survival., market economy - Economic decisions are made by individuals or the open market. supply and demand , Entrepreneurship - the process of starting, organizing, managing, and assuming the responsibility for a business , Bartering - trading goods and services without using money, mixed economy - market-based economic system with limited government involvement , Specialization - The products that a country makes best and that are in demand on the world market, Tariff  - Tax placed on imported goods, Quota - A limit on the amount of goods a country will import, Embargo - A complete ban on trading, usually for political reasons, Currency Exchange - Changing from one type of currency to another in order to purchase goods across the world market , Exchange Rates - The value of one country's currency compared to another country's currency, NAFTA - North American Free Trade Agreement; eliminates trade barriers between US,,

1.6 Specialization and Trade in Canada

by
Print
Embed

Leaderboard

Visual style

Options

Switch template

Continue editing: ?