Term
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Definition
| a tax imposed by a government on imports |
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Term
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Definition
| goods and services bought domestically but produced in other countries. |
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Term
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Definition
| goods and services produced domestically and sold to other countries |
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Term
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Definition
| the ability of an individual, a business, or a country to produce a good or service at the lowest opportunity cost than competitors |
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Term
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Definition
| the highest-valued alternative that must be given up to engage in an activity |
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Term
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Definition
| the ability to produce more of a good or service than competitors when using the same amount of resources |
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Term
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Definition
| a situation in which a country does not trade with other countries |
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Definition
| the ratio at which a country can trade its exports for imports from other countries |
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Term
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Definition
| reductions in a firm's costs that result from an increase in the size of an industry |
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Term
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Definition
| trade between countries that is without government restrictions |
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Term
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Definition
| a numerical limit imposed by a government on the quantity of a good that can be imported into the country |
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Term
| voluntary export restraint (VER) |
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Definition
| an agreement negotiated between two countries that places a numerical limit on the quantity of a good that can be imported by one country from the other country |
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Term
| world trade organization (WTO) |
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Definition
| an international organization that oversees international trade agreements |
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Term
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Definition
| the process of countries becoming more open to foreign trade and investment |
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Term
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Definition
| the use of trade barriers to shield domestic firms from foreign competition |
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Term
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Definition
| selling a product for a price below its cost of production |
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Term
| foreign direct investment |
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Definition
| the purchase or building by a domestic firm of a facility in a foreign country |
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Term
| foreign portfolio investment |
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Definition
| the purchase by an individual or a firm of stocks or bonds issued in another country |
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Term
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Definition
| a firm that conducts operations in more than one country |
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