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World Trade

vocabulary terms

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