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1.05 Terms
| Term | Definition |
|---|---|
| Tariff | a tax on goods coming into or leaving a country |
| Embargoes | a government order that limits trade in some way |
| Quotas | a limit on the quantity of a good that can be produced abroad and sold domestically |
| Trade Restrictions | a restriction placed on the trade/services between countries. it is meant to serve as a protection for the customer but can sometimes unfair. many countries have trade organizations/ agreements between them to minimize the impact |
| Exchange Rates | the price of one country's currency expressed in another country's' |
| Input | Resources used to reach a desired input such as people, raw material, energy, information or money |
| Output | quantity of goods or services produced in a given time by a country, the result of an economic process that has used inputs to produce a good/service that can be sold or used elsewhere. output can be used to determine a country's wealth |
| Globalization | the rapid and unimpeded flow of capital, labor, and ideas across national borders |
| Industrialization | the change over from producing goods by hand labor to the use of machines and organization of such production into industries |
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westleyp024
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