Vocabulary List #8 Word Scramble
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| Term | Definition |
| Trade barriers | government policies which place restrictions on international trade. Ex. tariffs, quotas, embargoes |
| Tariff | tax on imports |
| Quota | limits on the number of traded goods |
| Embargo | prohibition of trade with a certain country. For example, the U.S. will not allow trade with North Korea. |
| Free trade | removal of trade barriers |
| NAFTA | signed in 1994, the North American Free Trade Agreement eliminated all trade barriers between Canada, the United States and Mexico. |
| Import | good or service sold within a country that is produced in another country; good or service made in another country and brought into the country where they are sold |
| Export | good or service produced within a country and sold outside of the country's borders; good or service made in one country and sent out to another country for sale |
| Gross Domestic Product | (GDP) the total value of the final goods and services produced within a country in one year. |
| 4 Types of Economies | Traditional, Market, Command and Mixed |
| 3 Economic Questions | What to produce? How to produce? and For whom to produce? |
| Natural Resources | something that comes from Earth or nature that is useful to humans. |
| Capital Goods | tools used in the production of goods and services. |
| Human Capital | the value that humans bring to the marketplace; includes the education, training, skills, and health care of the workers in a business or country. |
| Entrepreneurship | the ability to organize, manage, and take on the risks of a business or enterprise. |
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McClure 6 SS
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