Economic Terms #1

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

• voluntary trade

• domestic

• quota

• wagw

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

• bartering

• economic system

• specialization

• boycott

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

• subsistence

• economic continuum

• free enterprise

• boycott

Term which refers to the products of services originating in one’s own country

• bartering

• domestic

• tariff

• wage

The act of economically punishing another nation

• production quota

• sanction

• trade barrier

• traditional economy

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

• embargo

• quota

• tariff

• trade barrier

A trade barrier which blocks all trade with another nation

• quota

• tariff

• embargo

• protective

A trade barrier which places a limit on imported goods

• quota

• protective

• tariff

• embargo

a trade barrier which places a tax on imported goods

• tariff

• embargo

• protective

• quota

A system of exchange whereby one good/service is given in return for another; does not require monetary exchange

• command economy

• production quota

• subsistence

• bartering