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Unit 6 - Coggle Diagram

- - - - Price determined only by demand and supply, no government intervention
    - - Fixed currency value, no fluctuation
    - - Echange rate influenced by a government
- - - - Tariffs are barriers that indirectly tax the prices of the imported good to help the local companies
      - Subsidies are government grants paid to local companies to be able to sell their products at local prices than overseas companies
      - Quotas is the limit on the volume of an imported good allowed into a country
      - Embargos are complete bans of a certain good or service into a country
- - - - Primary Income is the income governments receive from wages and rent from non-residents - the wages and rent paid to the non-residents
    - - It is the current transfers received from non-residents - the current transfers given to non-residents
  - - - Country's Exports > Country's Imports
    - - Country's Exports < Country's Imports