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Chapter 15 terms

world tradetrade among countries
exportgoods produced in one country and sold in another
importforeign goods brought into a country
trading partnerwho we trade with
foreign exchange ratethe value of one currency in relationship to another
quotafixed limit on the export or import
tariffa special tax on goods made in another country
embargostopping the import or export of goods
balance of tradedifference of in the amount traded
trade deficitunfavorable balance of trade
balance of paymentsthe difference in the total amount of money flowing in and flowing out

Mr. Cartwright

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