| A | B |
|---|
| trade surplus | when a country’s exports exceed its imports |
| economic sanctions | a trade restriction |
| merchant marine | fleets of ships used for commercial transport |
| aquaculture | cultivation of fish and other seafood |
| trade deficit | when a country’s imports exceed its exports |
| gross domestic product | the value of goods and services in a country |
| free trade zone | an area with no trade restrictions |
| deforestation | the clearing of forests |
| service industry | provides service, not goods |
| shantytown | a makeshift community |
| commodity | an economic good |
| arable | suitable for farming |
| petrochemical | product derived from oil or gas |
| embargo | a restriction in trade |
| crude oil | petroleum that has not been refined |
| landlocked | those almost entirely surrounded by land |
| command economy | govt makes economic decisions |
| consumer goods | goods needed for everyday life |
| black market | illegal trade in which scarce or illegal goods are sold |
| market economy | businesses are privately owned |
| privatization | change to private ownership |
| campesino | rural farmers and workers |
| latifundia | large agricultural estates owned by the wealthy |
| minifundia | small plot of land for farming and feeding a single family |
| cash crop | producing abundance to sell |
| developing countries | working towards greater manufacturing and technology use |
| postindustrial | place a lot of emphasis on industry |
| global economy | merging of economies in which countries are interconnected |
| outsourcing | setting up businesses abroad to produce parts and products for domestic use and sale |
