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| Country's ability to produce more of a given product than can another country |
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| Country's ability to produce a given product relatively more efficiently than another country; production at a lower opportunity cost |
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| When the price of one country's currency is described in terms of another country's currency. |
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| Economic System characterized by a central authority that makes most of the major economic decisions |
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| economic system in which supply, demand, and the price system help people make decisions and allocate resources; same as free enterprise economy. |
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| Free enterprise sytem with some government involvement; same as modified private enterprise economy. |
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| tax placed on an imported product |
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| limit on the amount of a good that can be allowed into a country |
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| tax on an imported product designed to protect less efficient domestic producers. |
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| tax placed on imported goods to raise revenue |
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| new and emerging industries. There is an arguement that these industries should be protected from foreign competition until they are strong enough to compete. |
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| Balance of payments outcome when spending on imports exceeds revenues received from export. |
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| difference between money paid to, and received from, other nations in trade. |
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| Most Favored Nation Clause |
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| Trade law allowing a third country to enjoy the same tariff reductions the United States negotiates with another country. |
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| North American Free Trade Agreement; agreement signed in 1993 to reduce tariffs between the United States, Canada, and Mexico. |
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| Foreign currencies used by countries to conduct international trade. |
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| Economic system in which government owns some factors of production and has a role in determining what and how goods are produced. |
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| Forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing under Stalin. |
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| Conversion of state-owned factories and other property to private ownership |
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| Market in which economic products are sold illegally |
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| Singapore, Tiawan, and South Korea- have made striking economic progress during the last 30 years. |
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| Country whose average per capita income is only a fraction of that in more industrialized countries. |
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| Successor of the European Community established in 1993 by the Maastrich Treaty. |
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| Single currency of the European Union |
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| Organization of Petroleum Exporting Countries- Oil Producing cartel that agrees to limit the production or sale of a product to control prices. |
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| A group of producers or sellers who agree to limit the production or sale of a product to control prices. |
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| State in which a society produces barely enough to support itself. |
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