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Economics 2 Vocab

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.
Created by: samplej