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Ch. 7 Vocab

International Trade Exchange of goods and services between nations
Imports Goods and services purchased from other countries
Exports Goods and services sold to other nations
Absolute Advantage Occurs when a country has specific natural resources
Comparative Advantage Value that a nation gains by selling the goods it produces more efficiently
Balance of Trade The difference in value between Imports and Exports
Tariff Tax on imports
Quota Limits the monetary value of a product
Embargo A total ban on a specific good
Most-Favored-Nation-Status(MFNS) Used to encourage trade in these countries
Foreign Trade Zones Designated areas of a country where foreign businesses benefit from reduced tariffs
Export-Import Bank(Eximbank) Independent agency of the US gov
International Monetary Fund Helps stabilize countries in economic trouble
General Agreement on Tariffs and Trade International trade agreement to promote free global trade
North American Free Trade Agreement International trade agreement to promote free trade in North America
European Union Europeans trade bloc
Customs Brokers Specialists who are licensed by the US treasury
Letter of Credit Most secure way of payment
Draft Reverse Check
Time Draft US sends documents through a bank
Multinationals Large corporations that have operations in several countries
Mini-nationals Midsized or smaller companies that have operations in foreign countries
Joint Ventures Direct investment via Domestic Partner
Nationalize Government seizes private land