Term
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Definition
| goods or services that are sold to other countries |
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Term
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Definition
| a good or service brought in from another country for sale |
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Term
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Definition
| the ability to produce a product or service more easily and cheaper than trading resources that use similar resources |
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Term
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Definition
| the ability to produce a produce or service at a lower cost and more efficiently than another country |
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Term
| law of comparative advantage |
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Definition
| the idea that a nation is better off when it produces goods and services for which it has a comparative advantage |
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Term
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Definition
| the shared need for countries for resources, goods, services, labor, and knowledge, that are supplied by other countries |
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Term
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Definition
| something that keeps a foreign product or service out of the country |
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Term
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Definition
| a tax of goods bought overseas and brought back to the U.S. |
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Term
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Definition
| limit on the amount of goods that can enter a country |
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Term
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Definition
| action a nation or group of nations takes to punish or put pressure on a nation that places limits on trade |
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Term
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Definition
| the act of cutting off all trade with another country |
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Term
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Definition
| a conflict in which a country places tariffs on foreign goods and, in return, finds that tariffs on its own goods |
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Term
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Definition
| the use of trade barriers in order to protect domestic industries from foreign competition |
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Term
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Definition
| an industry that is in the early stages of development |
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Term
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Definition
| the lowering or removal of protective tariffs and other barriers between nations |
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Term
| regional trade organization |
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Definition
| an organization that works toward lowering or removal of trade barriers between its members, which are located in the same region |
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Term
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Definition
| a region where a group of countries agrees to reduce or end trade barriers |
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Term
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Definition
| the value of a nation's currency in relation to a foreign currency |
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Term
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Definition
| a "strengthening" or increase in the value of a currency |
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Term
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Definition
| a "weakening" or decrease in the value of a currency |
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Term
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Definition
| the market for buying and selling national currencies |
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Term
| fixed exchange-rate system |
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Definition
| a system in which governments try to keep the values of the currencies constant |
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Term
| flexible exchange-rate system |
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Definition
| a system in which changes in the exchange rate are determined by supply and demand |
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Term
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Definition
| the difference between the value of a country's exports and imports |
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Term
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Definition
| a favorable balance of trade that occurs when a country exports more than it imports |
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Term
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Definition
| an unfavorable balance of trade that occurs when a country imports more than it exports |
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Term
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Definition
| the value of all money exchanged between a country's economy and the rest of the world |
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