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37- Voluntary Trade

TermDefinition
embargo Refusing to trade with another country as a sanction or form of punishment. A country might do this to keep harmful products from their country.
tariff A tax placed on imported goods to make revenue on imports and discourage buying foreign goods.
quota A limit placed on imported goods to discourage buying of foreign goods.
specialization Having one main product for trade
currency exchange Having to switch one country's money to another country's money
European Union A group of nation that works together to solve common problems, uses a common currency, encourages free trade and free movement of people and goods.
Created by: mgilmour
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