Economic Terms

Front

What are the three economic questions?

Back

What to produce, how to produce, and for whom to produce

Front

What is a quota?

Back

limit placed on the quantity of imported goods

Front

A tax placed on imported goods.

Back

Tariff

Front

a common currency (money) used by several EU

Back

Euro

Front

Trade in which both partners freely agree to and benefit from the exchange of goods/services. (Trade that is not forced.)

Back

voluntary trade

Front

Trade of goods and services within a country.

Back

domestic

Front

Trade of goods and services with other countries.

Back

international

Front

The act of economically punishing another nation

Back

sanction

Front

Government imposed restrictions on trade.

Back

trade barrier

Front

A trade barrier which blocks all trade with another nation

Back

embargo