Economics Vocabulary Day 1 SS7E5: The Student will analyze different economic systems. SS7E6.b: Compare and contrast different types of trade barriers; such as tariffs, quotas, and embargoes. Bell-Ringer: When you hear the word “economics” what do you first think of? Economics Vocabulary Day 1

Notetaking Methods Quiz – Friday (on today and tomorrow’s terms) For the next 8 words, you may either make a KIM Chart or do 3-Column Notes; whichever method works best for you! Make sure you take good notes; “The better your notes, the better your grade.”

Traditional Economy Economic decisions are based on customs and traditions, handed down from generation to generation.

Command Economy Economic decisions are made by the government or small group of people - little or no private ownership of property.

Market Economy Relies on the individuals (consumers) and businesses (market/producers) to make its economic decisions.

Mixed Economy Some decisions are left to individuals and some are made by the government (mixture of market and command).

Trade Barriers Something that restricts trade (examples - tariffs, embargoes, and quotas).

Tariff Taxes placed on imported goods (items coming into the country).

Quota Restrictions on the amount of a good that can be imported into a country. Quotas can cause shortages that cause prices to rise.

Embargo Ban on trade with another country.

Work Session Create a mini-poster that: On the front - Lists the four types of economic systems, defines them, and includes a picture about each one. On the back - Create a mini-poster for trade barrier, tariff, quota, and embargo in which you define them and include a picture about each one.

Closing Poster presentations in front of the class.