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12 ECON Vocab 17

study material for economics vocab ch 17 - Ponder

TermDefinition
most favored nation clause provision allowing a country to receive the same tariff reduction that the United States negotiates with a third country
fixed exchange rate system under which the price of one currency remains unchanged in relation to the value of another currency
protective tariff tax on imports designed to protect less efficient domestic industries
trade surplus occurs when the value of exports exceeds the value of imports
North American Free Trade Agreement (NAFTA) agreement among Canada, Mexico, and the United States to reduce tariffs
exports goods and services produced in one country and shipped to another
dumping selling products abroad at less than it costs to produce them
free traders people who favor few or no restrictions on trade with other countries
absolute advantage a nation's ability to produce a given product more efficiently than another nation
tariff tax on imports designed to increase their price in the domestic market
trade-weighted value of the dollar trade-weighted value of the dollar - index showing the strength of the dollar against a group of foreign currencies
comparative advantage ability to produce a product relatively more efficiently or at a lower opportunity cost
World Trade Organization (WTO) international organization that settles trade disputes and organizes trade negotiations
quota limit on the quantity of a product that may be imported
foreign exchange foreign currency used for international trade
trade deficit when the value of products imported exceeds the value of products exported
balance of payments difference between the money a country pays to and receives from other countries
revenue tariff tax placed on imported goods that will generate revenue without prohibiting imports
Created by: breckart2