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Unit 4: Test 2

Economics and Global Trade: Test 2

Gross Domestic Product (GDP) the total value of all goods and services produced in a country
quality of life the well-being of a person or a group
development improved quality of life
development indicators factors used to compare the development of one region against another
infrastructure the basic equipment, structures, and systems needed for a society or community to run
imperialism a policy or practice by which a country increases its power by gaining control over other areas of the world
colonization the process by which a country takes control of another area in order to get raw materials and other benefits
export sending a product to another country for sale
import bringing a product into a country to be sold
balance of trade the difference between the amount of goods exported and the amount of goods imported
global trade the exchange of goods or services between individuals, organizations, or governments of different nations
currency a medium of exchange; money
specialization a method of production where a country focuses on a limited number of products in order to gain greater degrees of efficiency
interdependence the condition when countries are dependent on other each other for products they cannot produce efficiently for themselves
free trade unrestricted trade between nations
tariff a tax on imported goods
quota a limit on the quantity of imports
sanction a penalty levied on another country
embargo a trade restriction that prevents a country from trading with another
Created by: AMS SS6