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Basic Econ: Trade

6th Chapter 8 Vocab

TermDefinition
specialization the process of concentrating on and becoming expert in a particular subject or skill
global trade also known as international trade, is simply the import and export of goods and services across international boundaries
import bring (goods or services) into a country from abroad for sale.
export send (goods or services) to another country for sale
interdependent (of two or more people or things) dependent on each other.
trade barriers Trade barriers are government-induced restrictions on international trade
tariff a tax or duty to be paid on a particular class of imports or exports.
quota a limited quantity of a particular product which under official controls can be produced, exported, or imported.
embargo an official ban on trade or other commercial activity with a particular country.
currency medium of exchange for goods and services
exchange rate the value of one currency for the purpose of conversion to another.
Created by: heatherkirk1978
 

 



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