Economic Terms

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Embargo

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An official ban (stop) on trade with another country. Example: The president caused the country to be embargoed by nations who opposed Russia.

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Non-renewable resource

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A resource that cannot be replaced.

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Import

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A material or finished product that is brought into a country from abroad. Example: America imports maple syrup from Canada with a 25% tariff.

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scarcity

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When there is a shortage or limited supply. Example: The scarcity of water in the Middle East causes many problems.

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Drought

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A lack of rain over a long period of time. Climate change has caused many droughts.