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GSE Unit 2 Vocab #2

GSE Unit 2 Vocabulary Review #2

TermDefinition
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
Created by: jpkelley