Term
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Definition
| the buying and selling of goods and services across national borders |
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Definition
| goods that a nation sells to other countries |
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| those goods that a nation buys from other countries |
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Term
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| when one country has an abundance of resources and or can produce certain products more efficiently and in greater quantity than a competing nation |
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Definition
| that a country can produce a product using less resources than another country |
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Definition
| when a nation can produce a good at a lower opportunity cost than another nation |
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Definition
| what a person, business, or government gives up when it chooses to allocate its resources one way of another |
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Definition
| international trade w/o government restrictions |
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Term
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Definition
| a limitation on the number of units or the amount of a particular good that can be imported into a country |
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Term
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Definition
| special taxes placed on products imported from another country |
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Definition
| when a country, or several countries, impose economic sanctions against a nation by refusing to trade with it |
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Definition
| specific guidelines on goods coming into a country |
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Definition
| manufacturer is forced to buy back a product |
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Definition
| payment from the gov't to businesses |
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Term
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Definition
| putting policies in place that are designed to protect domestic industries from too much foreign competition |
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Definition
| requirement to maintain the survival of the state through the use of economic, military and political power and the exercise of diplomacy. |
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Definition
| level of functional and/or metabolic efficiency of a living being |
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Term
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Definition
| Action taken in return for an injury or offense |
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Term
| Benefits to Trade Barriers |
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Definition
| help domestic businesses compete at home, can often serve to protect domestic jobs, maintain standards of safety in the marketplace,and help poorer nations that are still trying to develop economically and compete with wealthier nations that are stil tryin to develop economically and compete with wealthier nations on the international market |
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Term
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Definition
| tend to limit the number of goods in the marketplace |
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Term
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Definition
| WTO; establishes rules for international trade and helps resolve disputes between member nations |
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Term
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Definition
| EU; trading union of 25 European nations that facilitates trade and commerce as it tries to create a unified regional economy |
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| Association of Southeast Asian Nations |
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Definition
| ASEAN; international organization that aims to accelerate economic growth, social progress, and cultural development among its members |
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Definition
| UN; international diplomatic body centered in New York City; deals with international issues |
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Term
| North American Free Trade Agreement |
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Definition
| NAFTA; lowered trade barriers between the United States, Canada, and Mexico |
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Term
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Definition
| rate at which a nation trades with other nations |
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Term
| Favorable Balance of Trade |
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Definition
| a country exports more than it imports |
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Term
| Unfavorable Balance of Trade |
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Definition
| a country imports more than it exports |
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Term
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Definition
| the value of all money coming into the country thanks to exports, minus all the money going out of the country as it pays for imports |
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Term
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Definition
| how much the primary form of currency in one nation is worth in comparison to the primary form of currency in another nation |
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Term
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Definition
| establish a price for a foreign currency that is tied to a stable currency of a developed country |
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Term
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Definition
| determined by supply and demand |
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Term
| Managed Floating Exchange Rate |
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Definition
| floats within an agreed-upon band, but if the value gets above or below a certain value, the central bank intervenes |
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Term
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Definition
| when the value of currency becomes greater |
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Term
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Definition
| lowering a nation's currency value on purpose |
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Definition
| when a nation's currency loses value |
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Term
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Definition
| the amount of money earned on an ivestment |
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Term
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Definition
| the amount of goods a nation is producing |
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Definition
| the preferences of those with purchasing power |
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Definition
| how strong the economy is |
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Definition
| the actual amount of goods and services that can be bought with a given unit of money |
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Definition
| when the same product sells for the same amount of currency in different countries |
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Definition
| trade in goods and services |
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