Trade and Economics Flashcard

Front

What is specialization in trade?

Back

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

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What is voluntary trade?

Back

Trade in which both partners freely agree to and benefit from the exchange of goods/services

Front

What does a boycott involve?

Back

Refusal to purchase a good/service from a specific company or country

Front

What is an embargo?

Back

A trade barrier which blocks all trade with another nation

Front

What is a quota in trade terms?

Back

A trade barrier which places a limit on imported goods

Front

What is a sanction in economic terms?

Back

The act of economically punishing another nation

Front

What is a tariff?

Back

A trade barrier which places a tax on imported goods

Front

What is a trade barrier?

Back

Any activity which slows or outright blocks the free exchange of goods and services between nations

Front

What is currency?

Back

A nation's money

Front

What is currency exchange?

Back

Converting one nation's money into an equivalent value/quantity of another's