| A | B |
|---|
| tariff | a trade barrier which places a tax on imported goods |
| trade barrier | any activity which slows or outright blocks the free exchange of goods and services between nations |
| currency exchange | converting one nation's money into an equivalent value/quantity of another's |
| outsourcing | the transfer of work/production from one country to another where the cost of labor/manufacturing is cheaper |
| human capital | the knowledge, skills, and relative health of a nation's labor force |
| profit | as a verb, to gain financially; as a noun, the economic gains of a business |
| exchange rate | the approximate value of one nation's currency in terms of another's |
| embargo | a trade barrier which blocks all trade with another nation |
| quota | a trade barrier which places a limit on imported goods |
| boycott | refusal to purchase a good/service from a specific company or country |
| domestic | term which refers to the products of services originating in one's own country; it is the antonym of foreign |
| voluntary trade | trade in which both partners freely agree to and benefit from the exchange of goods/services |
| specialization | focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively |
| sanction | the act of economically punishing another nation |
| standard of living | the level of wealth and material comfort available to a people |
| GDP per capita | the average annual income of a nation's citizens; per capita is Latin for "by each head" |
| gross domestic product (GDP) | the estimated total value of all the final goods and services produced in a nation in a year's time |
| natural resource | a material on or in the earth that has economic value |
