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GSE Unit 2 Vocabulary Review #2

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
specialization –   focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively  
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voluntary trade–   trade in which both partners freely agree to and benefit from the exchange of goods/services  
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boycott –   refusal to purchase a good/service from a specific company or country  
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embargo –   a trade barrier which blocks all trade with another nation  
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quota –   a trade barrier which places a limit on imported goods  
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sanction –   the act of economically punishing another nation  
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tariff –   a trade barrier which places a tax on imported goods  
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trade barrier –   – any activity which slows or outright blocks the free exchange of goods and services between nations  
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currency –   a nation’s money  
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currency exchange –   converting one nation’s money into an equivalent value/quantity of another’s  
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euro –   common currency of most European Union member states; those E.U. nations currently using the euro are referred to collectively as the Eurozone  
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exchange rate –   the approximate value of one nation’s currency in terms of another’s  
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