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SS6E2: Trade

QuestionAnswer
Tariff A tax on imports
Quota A limit on imports
Embargo To forbid trade
Trade Barrier Something that limits trade
Gross Domestic Product (GDP) The value of all goods and services produced in a country in a year
Import Bringing a product into a country
Export Sending a product to another country
Trade Exchanging one product or service for something else
Free Trade Trade without any restrictions (no trade barriers)
Specialization People or nations produce a few special goods and services and trade those goods and services for the things they want. Becoming an expert in a specific area.
Currency Money
Currency Exchange Trading one country's currency for another
Exchange Rate The value of one country's currency compared to another.
Created by: smmhr5
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