Economics-Trade Vocabulary

When countries rely on each other for resources, goods, or services. 

• Specialization
• Interdependence
• Scarcity
• Trade

The money that each country has, like paper bills and coins

• scarcity
• exchange rate
• currency
• tariff

To swap products with someone

• Trade
• Specialization
• Exchange rate
• Import

When there isn't enough of something

• Embargo 
• Quota
• Specialization
• Scarcity

Trading between countries

• Exchange rate
• Embargo
• International trade
• Voluntary trade

Any action a government uses to control trade between countries

• Trade barrier
• Voluntary trade
• Free trade
• Specialization

When people trade because they both want what the other person has

• Trade barrier
• Voluntary trade
• International trade
• Free trade

Products brought into a country

• Currency
• Exchange rate
• Export
• Import

An extra price or tax added onto imported products

• Embargo
• Tariff
• Quota
• Exchange rate

International trade free of government control and trade barriers

• Free trade
• Trade barrier
• Voluntary trade
• Embargo