Term
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Definition
| ability of a person or nation to produce a particular good at a lower absolute cost than that of another person or nation |
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Term
| asian pacific economic cooperation |
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Definition
| an organization of 18 asian nation that attempts to reduce trade barriers between their nations |
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Term
| centrally planned economy |
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Definition
| an economy in which government bureaucracy decides how much of each good to produce, how to produce the goods, and how to allocate the products among consumers |
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Term
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Definition
| ability of 1 person or nation to produce a good at an opportunity cost that is lower than the opportunity cost of another nation |
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Term
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Definition
| organization of european nations that has reduced trade barriers within europe |
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Term
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Definition
| rate at which once currency trades for another in the market |
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Term
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Definition
| good produced in the “home” country and sold in another country |
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Term
| general agreement of tariffs and trade |
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Definition
| international agreement that has lowered trade barriers between the u.s. and other nations |
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Term
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Definition
| good produced in a foreign country and purchased by residents of the “home” country |
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Term
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Definition
| system under which individuals and firms use markets to facilitate the exchange of money and products |
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Term
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Definition
| economic system under which government plays an important role, including the regulation of markets, where most economic decisions are made |
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Term
| north american free trade agreement |
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Definition
| international agreement that lowers barriers to trade between u.s.,mexico,and canada 1994 |
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Term
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Definition
| absolute limit on the volume of a particular good that can be imported into a country |
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Term
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Definition
| a tax on an imported good |
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Term
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Definition
| rules that restrict the free flow of goods between nations,including tariffs,quotas,voluntary export restraints,and non-tariff trade barriers |
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Term
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Definition
| an organization that oversees g.a.t.t. and other international trade agreements |
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