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SHMS 6th Grade Social Studies Powertime Vocab 4

trade barriers Obstacles to trade. They make trade between two countries harder.
natural trade barriers They are barriers because they are hard to cross and make it difficult for people in different communities to trade. Examples are mountains, deserts, and rain forests.
political trade barriers Rules passed by governments to regulate trade. They are often intended to help a country's own producers be more competitive in the market place. Examples are tariffs, quotas, and embargos.
Taxes A charge incurred by a citizen’s person, property, or activity for the support of government
Levy taxes charge and collect taxes.
Tariff Taxes on imported goods. They raise prices on foreign imported goods, making locally made goods cheaper; therefore, they help local businesses.
Quotas The limit the amount of foreign goods that may be imported in a given amount of time.
Embargo When one nation refuses to trade with another nation.
North American Free Trade Agreement (NAFTA) An agreement between the United States, Canada, and Mexico to remove all tariffs to increase trade between the three countries.
Currency Something that is assigned value. It can be used to buy goods and services in a market. It is usually called money.
Created by: hbogue