European Economics 2

What is a Tariff

• taxes are placed on imported goods

• taxes are added to exported goods

• bans trade with another country

• used to buy goods and services

Restrictions on the amount of a good that can be imported into a country

• Tariff

• Embargo

• Quota

• Market economy

Used to buy goods or services

• Quota

• Currency

• Embargo

• Economic System

Ban all trade with another Country

• Embargo

• Tariff

• Quota

• Capital

What is a trade?

• exchanging goods
• stealing items
• taking items
• giving items away

What is an export?

• Goods being shipped out of a country
• Goods being brought into a country
• Goods/services
• New Zealand

What is an import?

• Goods leaving your country
• Goods being brought into your country
• Goods that are important

A quota is an example of a(n) ____ .

• embargo
• trade barrier
• tariff
• trade alliance

_____ occurs when there are few or no limits on trade between countries.

• Free trade
• Limited competition
• Globalization
• Protectionism

A quota limits the quantities of a product that can be _____.

• exported
• produced
• imported
• sold