6th Grade Social Studies Europe Today Vocab

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Gross Domestic Product

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Total value of all goods and services produced within a country's borders

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What is a Eurozone?

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A monetary union of EU member states that use the euro as their currency.

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What is Brexit?

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Withdrawal of the United Kingdom from the European Union

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What is specialization?

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focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively

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Voluntary Trade

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Exchange of goods or services between willing parties without coercion or force.

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What is a sanction?

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A penalty or punishment imposed on a country, organization, or individual to enforce compliance with international laws or norms.

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Tariffs

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Tariffs are taxes or duties imposed on imported or exported goods.

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Embargoes

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Restrictions on trade or commerce

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Boycott

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Refusing to buy, use, or participate in something as a way of protesting or expressing disapproval

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Currency

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A nation's Money