| A | B |
|---|
| command economy | economy dictated by government |
| market economy | economy driven by individuals and private ownership with limited government interference |
| tradtional economy | economy based on the traditions of local indigenous population |
| quota | a limit of goods that can be imported or exported |
| trade barriers | restrictions or limits on trade |
| tariff | trade restrictions that imposes taxes on imported goods |
| human captial | people that contribute to the economy by doing a service |
| entrepreneurship | creation of a private business by individuals usually found in market economy |
| GDP | Gross Domestic Product is the total amount of goods and services produced in a state or a country for a year for a countriy |
| captial goods | goods that contribute to the production of goods and services |
| embargo | trade barrier that ends trade with other countries usually for political or safety reasons |
| autocratic | one person posseses all the power in a government like a dictator |
| oligarchy | government ruled by a few people ( remember Olive Garden) |
| democracy | government is chosen by the people by free elections |
| unitary | government where the power is held by one central group |
| federal | government where the power is divided between the central and local (state) governments |
| confederate | government where most of the power is divided between local and a weak central government |
