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5 terms

ch 5-1,2,3 services

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Tariffs
are taxes added to the price of goods or services that are purchased from another country.
Imports
are goods or services that a country purchases (receives) from another country.
Quotas
are the number limit on how many items or a particular product can be purchased from another country.
Specialize
is to focus on economic activities best suited for available resources.
Exports
are goods or services that a country sells (sends) to another country.