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GSE Unit 7 Vocab #2
GSE Unit 7 Vocabulary Review #2
| Term | Definition |
|---|---|
| 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 |
| currency | a nation’s money |
| currency exchange | converting one nation’s money into an equivalent value/quantity of another’s |
| exchange rate | the approximate value of one nation’s currency in terms of another’s |
| standard of living | – the level of wealth and material comfort available to a people |
Created by:
kiragodwin
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