1. Economic Terms

2. What is the economic term called when people want morethan there is available. Wants exceed > supply (limited) Answer: Scarcity

3. What is the term that limits the amount of items imported (coming in) to a country. Answer: Quota

4. Money accepted in any form that is accepted as a medium of exchange (usually paper money) Answer: Currency

5. Government uses this idea to limit the trade of products between two countries. Answer: Trade Barrier

6. This is a fee charged (TAX) for goods or services brought into a country from another country. Answer: Tariff imported goods

7. Price of one country's money in relation to another's. This may be fixed (not movable) or flexible (movable). Answer: Currency Exchange Dollar Euro Pound Yen

8. A type of trade barrier in which the government blocks imports & exports of certain goods. Military force can be used to impose these! Answer: Embargo

9. What are the three types of trade barriers? Answer: Tariff Quota Embargo Big Three