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SHMS 6th SS Vocab 4

SHMS 6th Grade Social Studies Vocab 4

TermDefinition
trade barriers Obstacles to trade. They make trade between two countries harder.
Taxes A charge incurred by a citizen’s person, property, or activity for the support of government
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.
Colonization the act of a country taking control of an area outside of its borders
Literacy the ability to read and write
Budget a plan for using money
Income money earned
Credit the ability of a customer to obtain goods or services before payment
Created by: hbogue
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