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GSE Unit 2 Vocab #2
GSE Unit 2 Vocabulary Review #2
Term | Definition |
---|---|
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 |
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 |
euro – | common currency of most European Union member states; those E.U. nations currently using the euro are referred to collectively as the Eurozone |
exchange rate – | the approximate value of one nation’s currency in terms of another’s |