1-3-3 The World's Economies Vocabulary

1. When one country sends their product to another country.
4. When one country buys a product from the exporting country.
7. Economy Resources are mainly distributed through families.
10. Sector The sector that produces raw materials and basic goods.
11. Extra tax added to the cost of importing products.
14. The organization that help regulate trade among nations.
15. A limit on the amount of one particular good that can be imported.
17. Economy Means of production are publicly owned, and production and distribution are controlled by a central governing authority.
18. Group of countries in Southeast Asia that promote economic, cultural, and political development.
19. Agreement among United States, five developing Central American countries, and the Dominican Republic that promotes free trade.
20. Economy Parts of the economy may be privately owned, parts may be owned by the government.
21. Trade When a group of countries decide to set little or no tariffs or quotas when trading among themselves.

2. Sector The sector that provides services.
3. Encourages free trade among the United States, Canada, and Mexico.
5. Group of South American counries that promote free trade, economic development, and globalization.
6. Bank The organization that provides financing, advice, and research to developing nations to help them grow their economies.
8. Economy The means of production are privately owned.
9. The organization that monitors economic development and lends money to nations in need and provides training and technical help.
12. Resources Resources that can totally be replaced or are always available naturally.
13. Sector The sector that makes finished goods.
16. Resources Resources that cannot be totally replaced.
22. Group of European countries that operate under one economic unit and one currency—the euro.