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Econ Chapter 17

absolute advantage the ability to produce more of a given product using a given amount of resources
comparative advantage the ability to produce a product most efficiently given all the other products that could be produced
law of comparative advantage the idea that a nation is better off when it produces goods and services for which it has a comparative advantage
export a good that is sent to another counrty for sale
import a good that is brought in from another counrty for sale
trade barrier a means of preventing a foreign product or service from freely entering a nations territory
import quota a limit on the amount of a good that can be imported
voluntary export restraint a self-imposed limitation on the number of products shipped to a particular country
customs duty a tax on certain items purchased abroad
tariff a tax on imported goods
trade war a cycle of increasing trade restrictions
protectionism the use of trade barriers to protect a nations industries from foreign competition
infant industry a new industry
international free trade agreement agreement that results from cooperation between at least two countries to reduce trade barriers and tariffs and to trade with each other
World Trade Organization a worldwide organization whose goal is freer global trade and lower tariffs
European Union a regional trade organization made up of European nations
euro a single currency that replaces individual currencies among members of the European Union
free-trade zone a region where a group of countries agrees to reduce or eliminate trade barriers
NAFTA agreement that will eliminate all tariffs and other trade barriers between Canada, Mexico, and the United States
exchange rate the value of a foreign nations currency in terms of the home nations currency
appreciation an increase in the value of a currency
depreciation a decrease in the value of a currency
foreign exchange market the banks and other financial institutions that facilitate the buying and selling of foreign currencies
fixed exchange-rate system a currency system in which governments try to keep the values of their currencies constant against one another
flexible exchange-rate system a currency system that allows the exchange rate to be determined by supply and demand
trade surplus the result of a nation exporting more than it imports
balance of trade the relationship between a nations imports and its exports
the result of a nation importing more than it exports
Created by: halvy



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