1. Embargo - An official ban or trade or other commercial activity with a particular country.
2. Tariff - Tax on imports.
3. Economic growth - The ability of the economy to increase the production of goods and services.
4. Specialization - Workers concentrate on producing those goods and services for which they have a competitive advantage.
5. Currency exchange rate - The price of one country's currency expressed in terms of another country's currency.
6. Quota - Limitation on imports.
7. Voluntary free trade - An ideal feature of a global economy; it is when each party involved in a trade expects to gain from the trade.
8. Trade barriers - Restrictions placed on trade, for example tariffs and quotas.
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