protective tariff - tax on an imported product designed to protect less efficient domestic producers, revenue tariff - tax placed on imported goods to raise revenue, Embargo - government order prohibiting the movements of goods to a country, trade deficit - balance of payments outcome when spending on imports exceeds revenues received from exports, trade surplus - situation occurring when the value of a nation’s exports exceeds the value of its imports, Globalization - movement toward a more integrated and interdependent world economy, Outsourcing - hiring outside firms to perform non-core operations to lower operating costs, customs union - group of countries that have agreed to reduce or remove trade barriers and have uniform tariffs for nonmembers, renewable resource - natural resource that can be replenished for future use, nonrenewable resources - resources that cannot be replenished once they are used,

EOY vocab Part 3

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