trade in europe social studies

Question Answer
boycott refusal to purchase a good/service from a specific company or country
embargo a trade barrier which blocks all trade with another nation
quota a trade barrier which places a limit on imported goods
sanction the act of economically punishing another nation
tariff a trade barrier which places a tax on imported goods
trade barrier any activity which slows or outright blocks the free exchange of good and services
currency a nations money
currency exchange converting one nations money into an equivalent value/quantity of another
euro common currency of most European union member states;those E.U nations currently
exchange rate the approximate value of one nations currency in terms of another
economic continuum a 0-100 scale which ranks word economies from most command-learning
mixed economy term used to describe the market/command blending of all modern world
brexit 2016 referendum wherupon a majority of british citizens voted for the U.K
domestic term refers to the products of services originating in ones own country
eurozone European Union members nations who use euro as their common currency
GDP per capita the average annual income of a nations citizens
gross demestic product(GPD) the estimated total value of all the final goods and services produced in nations
subsidization money granted by the government to assist a business or industry
specialization focusing on a narrow range of products/services that can be produced most effciently
voluntary trade trade in which both partners freely agree and benefit from the exchange of goods/services

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