vocabulary terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| the condition that exists when countries rely on each other for ideas, goods, services, and markets | globalization
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| the exchange of resources, goods, and services across international borders | world trade
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| WTO | World Trade Organization
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| people and businesses that use resources to make goods and services | producers
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| people who use goods and services to satisfy their own personal needs | consumers
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| selling resources and/or goods to other countries | export
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| buying resources and/or goods from other countries | import
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| the difference between the value of exports and the value of imports in a country's economy | balance of trade
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| a situation that occurs when the value of a country's exports is higher than the value of its imports | trade surplus
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| a situation that occurs when the value of a country's exports is lower than the value of its imports | trade deficit
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| any regulation or law that slows or prevents trading with another nation | trade barrier
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| a tax added to the price of goods that are imported | tariff
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| a limit on how many items of a particular product that can be imported from a certain nation | quota
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| a special payment made by a government to support a particular group or industry | subsidy
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| the acceptable requirements that products must meet in order to be traded | standard
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| the step taken to cut off trade with a country to show opposition to its government's actions | trade sanction
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| a total ban on trade with a particular country | embargo
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| the removal of trade restrictions so goods flow freely among countries | free trade
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| NAFTA | North American Free Trade Agreement
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| EU | European Union
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| OPEC | Organization of Petroleum Exporting Countries
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| hiring workers in other countries to do a set of jobs usually for less money | outsourcing
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| The trade agreement between the United States, Canada, and Mexico | NAFTA
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| how much of something that is available | supply
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| how much of something people want | demand
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| When people really want something, the demand is ________ and the price goes up. | high
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| When people don't want something, the demand is low and the price goes ________. | down
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