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Chapter 3 vocabulary
Question | Answer |
---|---|
Imports | items brought from other countries. |
Exports | goods and services sold to other countries. |
Balance of trade | Diff. between a country's total exports and total imports. |
Balance of payments | Diff. between the amount of money that comes into a country and the amount that goes out of it. |
Exchange rate | Value of the currency in one country compared with the value of another. |
Infrastructure | Factor that supports international trade in industrialized countries. |
Trade barriers | restrictions to free trade. |
Quota | Govt. set limit on the quantity of a product that may be imported or exported within a given period. |
Tariff | Tax that a govt. places on certain imported products. |
Embargo | Action imposed by the govt. |
Multinational company | Organization that does business in several countries. |
Joint venture | Unique business organized by two or more other businesses to operate for a limited time and a specific project. |