2. A concept of exchanging

goods and services between two people or entities.

3. The taxes and fees levied by a country on an imported good at the border.

4. Agreements made between governments to reduce or eliminate trade barriers.

5. In what year does the establishment of the Galleon open up a wider global trading system due to its use of ocean routes and ships.

6. Was the Silk Road global?

7. When does the Gold Standard implemented?

8. It aimed to maximize the exports and minimize the imports for an economy. It promotes imperialism, tariffs, and subsidies on traded goods to achieve surplus rather than deficit.

9. A government-issued currency that is not backed by a physical

commodities, such as gold or silver.

10. Who was the president of the United States of America during the great depression?

11. Its etymology may have come from the combination of the words “stagnant and inflation.”

12. It is often associated with Adam Smith’s laissez-faire economics, the policy that

prescribes a minimal amount of government interference in the economic issues of

individuals and society.

13. A single seller controls the supply of goods and services.

14. A single buyer dominates the demand for goods and services.

15. The reduction or elimination of government power in a particular industry.

16. What problem happened when Lehman Brothers of UK, one of the world’s oldest, richest, and most powerful banks filed for bankruptcy?