| A | B |
|---|
| tariff | a tax on goods coming into or leaving a country |
| embargo | a government order that limits trade in some way |
| quota | a limit on the quantity of a good that can be produced abroad and sold domestically |
| trade restrictions | a restriction placed on the trade of goods/services between countries. It is meant to serve as a protection for the consumer but can sometimes be considered 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 currency |
| input | resources (people, raw materials, energy, information or money) used to reach a desired output |
| 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 changeover from producing goods by hand labor to the use of machines and the organization of such production into industries |
