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GSE Unit 5 Vocab Rev

GSE Unit 5 Vocabulary Review #3

wage term for one’s financial earnings
economic continuum a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100)
mixed economy term used to describe the market/command/traditional blending of all modern world economies
dissident a person who opposes the authority of an established government
graft financial gain through illegal means, typically through kickbacks and bribes
infrastructure a nation’s buildings, roads, bridges, power grids, etc.
privatize to transfer a business, industry, or service for public (government) to private control
rations a fixed amount of a product or service allowed during times of shortage
subsidies money granted by the government to assist a business or industry in lowering the cost of its product/service
boycott refusal to purchase a good/service from a specific company or country
domestic term which refers to the products of services originating in one’s own country; it is the antonym of foreign
embargo a trade barrier which blocks all trade with another nation
quota a trade barrier which places a limit on imported goods
sanction the act of economically punishing another nation
tariff a trade barrier which places a tax on imported goods
trade barrier any activity which slows or outright blocks the free exchange of goods and services between nations
Created by: jpkelley