Trade Barriers | Economics Terms | Economics Terms 2 |
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What is tariff
a tax or duty to be paid on a particular class of imports or exports.
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What is Specialization
the act of specializing; making something suitable for a special purpose.
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What is GDP
The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investment
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What is Quota
a limited or fixed number or amount of people or things, in particular.
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What is Market Economy
an economy that relies chiefly on market forces to allocate goods and resources and to determine prices.
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What is Entrepreneur
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
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What is Export Subsidy
Export subsidy is a government policy to encourage export of goods and discourage sale of goods on the domestic market through low-cost loans or tax relief for exporters, or government financed international advertising or R&D.
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What is Traditional Economy
A traditional economy is a historical economic system in which traditions, customs, and beliefs shape the goods and products the society creates. Countries that use this type of economic system are often rural and farm-based.
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What is human capital
the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
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What is Product Standard
product standards define what products are made of, as well as how they perform.
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What is Command Economy
an economy in which production, investment, prices, and incomes are determined centrally by a government.
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What is Embargo
an official ban on trade or other commercial activity with a particular country.
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What is Mixed Economy
an economic system combining private and public enterprise.
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