SS7E2: Voluntary Trade in Africa Vocabulary

to estimate, measure, or note the similarity or dissimilarity between

to compare in order to show unlikeness or differences

to make something clear by describing it in more detail or by revealing relevant facts or ideas

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

To send (goods or services) to another country for sale.

Bring (goods or services) into a country from abroad for sale.

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.

economic concept of a nation choosing to market only those products/services which they are capable of providing fastest, cheapest, and in great abundance

Countries producing specific resources and goods and providing certain services

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

The action of buying and selling goods and services

When both parties expect to gain from the trade