| A | B |
|---|
| trade barriers | actions that put limits on the buying and selling of goods |
| spatial inequality | the unequal distribution of resources and wealth |
| comparative advantage | being able to produce a product cheaper than the other guy |
| quota | a limited number of goods |
| standard of living | the overall comfort and luxury of people |
| surplus | an abudance or too much of a good or service |
| competition | when one or more people make the same product |
| scarcity | limited availability |
| subsidy | government assistance |
| profit | sales minus cost of production |
| standard | sets the expectations for a product |
| embargo | stops all trade with a given country |
| sources of income | wages, rent, salary |
| tariff | tax placed on imported goods |
| opportunity cost | what you give up because of a choice |
