Econ Vocab

Front

Value of one country's currency in terms of another's:

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exchange rate

Front

Anything that hinders the exchange of goods/services between countries is called...

Back

a trade barrier

Front

Tariff

Back

A tax or duty to be paid.

Front

What does GPD mean?

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Gross Domestic Product

Front

Type of trade barrier that halts all trade due to government disagreements or illegal activities.

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embargo

Front

Focus on producing specific goods quickly and cheaply (e.g., Germany's automotive industry).

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specialization

Front

Total value of goods/services in a country in 1 year, indicating wealth:

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gross domestic product

Front

Trade barrier limiting imports or items:

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quota

Front

Risk-taker starting a business for profit without government interference:

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entrepreneur

Front

Skills, knowledge, and talents of individuals or groups

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human capital