Unit 1 Vocabulary Study Guide

the use of goods and services

• consumption

• economy

• production

any regulation or policy that restricts international trade, especially tariffs, quotas, or embargoes

• economic activity

• conflict

• trade barrier

how something is spread or shared

• distribution

• emigrate

• compromise

to leave your native country to live somewhere else

• emigrate

• culture

• globalization

having elements from many different peoples, places, or cultures all together

• globalization

• diversity

• scarcity

the way that a business, country, or other organization is managed

• interdependent

• governance

• migrate

the money and resources in a region and how they are used by producers and consumers

• Economy

• consumption

• production

the traditions, skills, arts, beliefs, and other ways of life of a certain people at a certain time

• culture

• economy

• globalization

the movement of people or animals from one place to another

• emigrate

• migration

• diversity

the lack of resources to produce all the goods and services that are needed or wanted

• production

• scarcity

• distribution