Geography Topic 3 Unit 3

to depend or rely on each other

• interdependent

• imports

• exports

goods and services bought from another country

• imports

• exports

goods and services sold to another country

• imports

• exports

unprocessed raw materials

• primary products

• commodity

an item of economic value, intended for exchange

• primary products

• commodity

trading bloc set up to control trade, for instance the European Union

• trading groups

• economies of scale

in mass production the unit cost of products falls as the manufactured quantity increases

• trading groups

• economies of scale

taxes that increase the price of imported products

• tariffs

• embargoes

import restrictions

• tariffs

• embargoes

restrictions on the number of foreign products that can enter a country

• quotas

• permits