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GSE Unit 9 Vocabular

GSE Unit 9 Vocabulary Review #2

TermDefinition
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
deregulation reduction of government oversight and/or influence in a given sector of the economy
recession a period of economic decline due to lagging trade and/or reduced industrial activity
trade barrier any activity which slows or outright blocks the free exchange of goods and services between nations
specialization focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively
voluntary trade trade in which both partners freely agree to and benefit from the exchange of goods/services
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
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
arable suitable for farming
natural resource a material on or in the earth that has economic value
Created by: kiragodwin
 

 



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