Term
| 30. trade deficit/surplus |
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Definition
book: deficit- amount of a nation's imports exceeds that of its exports
surplus- amount of a nation's exports exceed that of its imports
mine: deficit- a nation imports more goods than it exports
surplus- vice versa |
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Term
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Definition
book: taxes imposed by a nation on an imported good
mine: taxes put on a good that is imported |
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Term
| 32. multinational corporations |
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Definition
book: firms that own production facilities in two or more countries and produce and sell globally
mine: big businesses that run out of many different countries and sell to many different countries |
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Term
| 32. multinational corporations |
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Definition
book: firms that own production facilities in two or more countries and produce and sell globally
mine: big businesses that run out of many different countries and sell to many different countries |
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Term
| 32. multinational corporations |
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Definition
book: firms that own production facilities in two or more countries and produce and sell globally
mine: big businesses that run out of many different countries and sell to many different countries |
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Term
| 33. labor-intensive goods/land-intensive goods/capital-intensive goods |
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Definition
book: products that require excessive amount of labor/land/capital
mine:products that require excessive amount of labor/land/capital (book pretty much says it all) |
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Term
| 34. comparative advantage |
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Definition
book:a lower relative or comparative cost than that of another producer
mine: when a company can create a specific product cheaper (opp cost wise) than its competitors |
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Term
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Definition
book: The rate at which units of one product can be exchanged for units of another product: the price of a good or service; the amount of one good or service that must be given up to obtain 1 unit of another good or service
mine: the price of a good or service |
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Term
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Definition
book: an equality showing the number of units of two products that can be produced with the same resources
mine: a comparison on the # of products able to be made using the same materials |
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Term
| 38. trading possibilities line |
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Definition
book: a line that shows the different combinations of 2 products that an economy is able to obtain (consume) when it specializes in the production of 1 product and trades (exports) it to obtain the other product
mine: graph that shows a combo of 2 products and possibilities when a firm specializes in 1 to gain the other |
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Term
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Definition
book: extra output that trading partners obtain through specialization of production and exhange of goods and services
mine:bonus (perk) that a business recieves through specialization and trading |
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Term
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Definition
book: the rate of exchange of one nation's currency for another
mine:the rate of exchange for one nation's currency for another (book says it all) |
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Term
| 41. foreign exchange market |
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Definition
book: a market in which the currency of one nation can be used to purchase the money of another
mine:L a big money trading hot-spot where countries can change their currency for an equal amount of another |
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Term
| 42. exchange rate appreciation/depreciation |
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Definition
book: appreciation- an increase in the value of a nation's currency in a foreign exchange market
depreciation- a decrease in the value of a nation's currencey in a foreign exchange market
mine: when the price of $ goes up and down in the foreign exchange market |
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Term
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Definition
book:tariff designed to shield domestic producers of a good or service from the competition of foreign producers
mine: a tariff that helps the company at home from foreign competitors |
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Term
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Definition
book: a limit imposed by a nation on the quantity (or total value) of a good that may be imported during some period of time
mine: a limit of how many goods can be imported at one time |
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Term
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Definition
book: all barriers other than protective barriers that nations erect to impede international trade, including import quotas, licensing requirements, etc.
mine: all other tax barriers that aren't tarriffs |
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Term
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Definition
book: government payments to domestic producers to enable them to reduce the price of a good or service to foreign buyers
mine: when the government pays a domestic producer so that foreign buyers can buy it cheaper |
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Term
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Definition
book: WTO was an organization established in 1994 to replace GATT to oversee the provisions of the Uruguay Round and resolve any disputes stemming from it
mine: oganization to oversee Uruguay Round |
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Term
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Definition
book: eruopean union; an association of 15 european nations that has eliminated tariffs and import quotas among them, established common tarriffs forgoods imported from outside the member nations, allowed free movement of labor and capital among them, and created other common economic policies
mine: an association of 15 european countries that banned together to make trade between themselves easier |
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Term
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Definition
book: A 1993 agreement establishing, over a 15-year period, a free trade zone composed of Canada, Mexico, and US
mine: North American Free Trade Agreement |
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Term
| 29. international linkages |
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Definition
book:the several economic flows that link the U.S. economy and the economies of other nations
mine: the links between our economy and that of other countries |
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Term
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Definition
| book/mine (not really in book): An overall lower cost when comparing two countries and their prodcution of two or more products |
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Term
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Definition
| book/mine (not really in book): An overall lower cost when comparing two countries and their prodcution of two or more products |
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