Economics Part 1

Ban or forbidden trade with a country

Signed in 1993, this allows free trade between US, Canada, and Mexico.

Tax on an imported good

Which country has a command economy?

In what kind of economic system do the people own land, factories, and businesses?

This is when a country uses resources and skills to produce goods efficiently.

This allows countries with different currencies to trade.

This economy is based on customs, traditions, hunting, gathering, and farming.

Limits on amounts of goods that can be imported from a certain country

This organization was designed to promote free trade in Europe.

In a market economy, this risky startup of a new business is highly encouraged.

These are the 3 questions economies answer…