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Comparing Economic Systems

Dr. Reimer

This is designed to go with Chapter 26 of Civics Today.

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3.to sell goods to other countries, or a good produced in one country, then sold in another
7.system combining characteristics of more than one type of economy (2 Words)
8.a customs duty; a tax on imported goods
9.difference between a nations imports and exports (3 Words)
10.policy of reduced trade barriers (2 Words)
12.economic system in which the major economic decisions are made by the central government (2 Words)
13.international body that oversees trade among nations (3 Words)
15.system in which individuals own the factors of production and make economic decisions through free interaction (2 Words)
16.limit to the amount of foreign goods imported into a country
18.Gross Domestic Product per person (3 Words)
19.country whose average per capita income is only a fraction of that if more industrialized countries (2 Words)
20.the price of one nations currency in relation to another country’s (2 Words)
21.situation in which the value of the products imported by a country exceeds the value of products exported (2 Words)
1.trade agreement designed to reduce trade barriers between Mexico, Canada, and the United States (5 Words)
2.the ability of a country to produce a good at a lower opportunity cost (2 Words)
4.situation in which the value of the product exported exceeds the value of goods imported (2 Words)
5.economic system in which government owns some factors of production and distributes the products and wages
6.economic system in which the decisions of what, how, and for whom to produce are based on custom or habit (2 Words)
11.organization of European nations whose goal is to encourage economic integration into a single market in Europe (2 Words)
14.economic system in which the central government directs all major economic decisions
17.a good purchased from one country by another

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