| A | B |
|---|
| traditional economy | generational economic activity |
| Supply and Demand | Answers the three basic economic questions in a market economy |
| Mixed market economy | China has this type of economy |
| North Korea | This country controls what farmers are paid in exchange for their agricultural goods |
| North Korea | Country where the government makes all the economic decisions |
| Specialization | Because no country can produce everything it needs |
| Japan | Country which specializes in technology and robotics |
| Sanctions | Restrict access to international markets |
| Tariffs | protects local manufactures or producers from competition |
| Currency | necessary for exchanging goods and services because countries use different forms of money |
| Exchange Currencies | necessary to shop in foreign markets |
| Market Economy | Few barriers to entry into most industries and most economic decisions are determined by the forces of supply and demand |
| Command Economy | Most major industries are controlled by the government and there is little protection of private property rights. |
| Mixed Economy | The government regulates major industries to protect the environment ant the rights of workers. |
