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unit3 vocab

TermDefinition
currency anything accepted as a means of exchange
specialization when a country uses its natural resources and skills to produce
tariff a tax fee on imported goods
quota a specific limit on the number of imports allowed to enter a country
embargo a government order that prohibits trade with other countries
exchange rate the difference of of currency between two nations
voluntary trade a system in which individuals and businesses have the right to buy or sell products as they want, at their own direction
opportunity cost a benefit that a person could have received, but gave it up, to take another course of action
scarcity having something that is short supply, hard to find
sanction the act of economically punishing another nation
european union an organ
Created by: #catluv
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