economics

2. - A tax placed on imported goods.
6. spending - Money that leaves the U.S. economy when Americans buy foreign-produced goods.
8. - Goods or services sold to another country.
10. economy - A country that relies on trade with other nations is part of the __________ economy
11. system - A blend of market and command systems.
14. - A nation that produces only what it is best at and trades for the rest.
16. - When nations depend on each other for resources, goods, or services.
17. surplus - When a country sells more than it buys.
18. economy - A system in which tradition and custom determine economic roles.

1. Domestic Product (GPD) - The value of all final goods and services produced in a country in one year.
3. trade - The buying and selling of goods across national borders.
4. economy - The economic system used primarily in the United States.
5. - A limit on how many goods can be imported.
6. - Goods or services brought into a country from abroad.
7. trade - Products made in one nation using materials from another are part of __________ trade.
9. economy - The system in which the government makes all economic decisions.
11. economy - A type of economy where businesses operate with little government interference.
12. trade organization (WTO) - The organization that promotes free trade between nations.
13. enterprise system - The official term for the U.S. economic structure combining private ownership and government oversight.
15. advantage - A nation’s ability to produce a good at a lower opportunity cost.