Econ Vocab

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Value of one country's currency in terms of another's:

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exchange rate

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Anything that hinders the exchange of goods/services between countries is called...

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a trade barrier

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"Punishing" another country (e.g., USA not buying sugar from Haiti in the early 90s due to government treatment of people):

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sanction

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Type of trade barrier with a special tax on imported goods:

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tariff

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Countries agree to trade:

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voluntary trade

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Type of trade barrier that halts all trade due to government disagreements or illegal activities.

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embargo

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Focus on producing specific goods quickly and cheaply (e.g., Germany's automotive industry).

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specialization

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Scale placing economies between command (left) & market (right)

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economic continuum

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Total value of goods/services in a country in 1 year, indicating wealth:

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gross domestic product

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Limited resources (goods & items):

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scarcity