| A | B |
|---|
| economic system | the way tht a country distributes economic resources, goods, and services |
| traditional economy | resources are distributed based on custom and tradition |
| mixed economy | resources are distributed by some combination of traditional, market, and command systems |
| command economy | resources are distributed by the government or other central authority |
| market economy | resources are distributed by individuals |
| tariff | a tax on imported goods |
| export | to sell a product to someone in another country |
| import | to buy a product from someone in another country |
| trade | to make an exchange of goods and services |
| quota | a limit on the quantity of imports |
| international trade | when trading is done between people living in different countries, or between countries |
| developing country | a country that has little industry |
| developed country | countries that have a mix of agriculture, manufacturing, and service industries |
