Economics Vocab Review

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Another word for money

When one country stops trading with another country.

The government controls what to make, how many to make, how to make it, and sets the price. Decisions are made by government planners.

A specific amount or limit of goods that can be imported.

A tax placed on goods from another country.

A combination of government control (to protect consumers) and individual control (to increase money). Most economies in the world are this type of system.

System to change from one type of currency to another. Important for trade between countries.

An indicator of the quality of life in a country. It includes life expectancy, GDP, literacy rate, etc…