Compare
to estimate, measure, or note the similarity or dissimilarity between
Contrast
to compare in order to show unlikeness or differences
Explain
to make something clear by describing it in more detail or by revealing relevant facts or ideas
Embargo
is a cessation of trade between two countries. Unlike the previous two trade barriers, the goal is not to protect domestic industry, but to punish another nation by suspending trade
Export
To send (goods or services) to another country for sale.
Import
Bring (goods or services) into a country from abroad for sale.
Quota
is a limit on the amount of a foreign good that can be imported. As with a tariff, the goal of a quota is to encourage people to buy domestically made goods.
Specialization
economic concept of a nation choosing to market only those products/services which they are capable of providing fastest, cheapest, and in great abundance
Specialize
Countries producing specific resources and goods and providing certain services
Tariff
is a tax placed on goods coming into a country. The goal of a tariff is to increase the price of an import, so that people in that country will buy the cheaper domestically produced good
Trade
The action of buying and selling goods and services
Voluntary trade
When both parties expect to gain from the trade
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