1. 2. economy with an economic system that is centrally controlled by a powerful government.
  2. 6. an agreement that is enforceable by law
  3. 7. economies based on customs and historical precedent.
  4. 8. created a free trade zone in Canada, Mexico, and the United States
  5. 9. economy which prevents the government from interfering with trade between individuals.
  6. 13. many governments implement _______ on trade.
  7. 14. economy where consumers make decisions on their own, without much interference from the government
  8. 16. The sole control of the supply of a good or service.
  9. 17. a tax that is a portion of the earnings of an individual or corporation that is paid to the government
  10. 20. an early economist who believed that the free market system was the best way to organize the economy.
  1. 1. helps administer free trade agreements by handling various disputes and providing a forum for member nations to negotiate.
  2. 3. provided the ideology behind many command economies.
  3. 4. These nations have greater levels of political freedom, and also greater levels of economic freedom.
  4. 5. this nation allows less political freedom.
  5. 10. "____ hand" is a term Smith used to describe the influence of competition and self-interest on the economy.
  6. 11. a tax that is deducted from and individual's paycheck
  7. 12. what type of trade increases the material standards of living worldwide?
  8. 15. _____ freedom refers to an individual’s right to answer the three basic economic questions without interference from the government.
  9. 18. ____ Korea is a modern example of a command economy.
  10. 19. economy that combines the competition, self-interest, and profit motive of free market economies with the government regulation and restrictions of command economies.