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Economics 2 Vocab
Question | Answer |
---|---|
benefit | something that satisfies one's wants |
consumer | a person who buys goods or services to satisfy wants |
economic sanction | the withholding, usually by several nations, of loans or trade relations with a nation violating international law, to force it to comply |
embargo | government restriction placed on trade |
exchange rate | the price of one currency in relation to another currency |
international trade | the trade of goods and services between countries |
tariff | a tax imposed on imported goods |
trade barrier | something that prohibits trade |
trade | the exchange of goods or services for other goods and services or money |
inflation | Sustained increase in the general price level of the entire economy, resulting in a decrease in purchasing power. |
deflation | the susained decrease in the general price level of the entire economy, resulting in an increase in purchasing (buying) power. |