Busy. Please wait.
Log in using Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't know
Remaining cards (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Econ Chapter 16

Exports the goods and services that it produces and sells to other nations
Imports goods and services one country buys from another
Absolute Advantage when a country can produce more of a products than another country
Comparative Advantage the ability to produce a product relatively more efficiently, or at a lower opportunity cost
Opportunity Cost the cost of the next best alternative
Tariff a tax placed on imports to increase their price in the domestic market
Quota a limit placed on the quantities of a product
Protective Tariff tariff that is high enough to protect less-efficient domestic industries
Revenue Tariff tariff that is high enough to generate revenue for the government without actually prohibiting imports
Protectionists people who favor trade barriers to protect domestic industries
Free Traders want fewer or no trade restrictions
Infant Industries Argument says new or emerging industries should be protected from foreign competition and this argument is used to justify trade barriers
Balance of payments the difference between the money a country pays out to, and receives from, other nations when it engages in international trade
Most favored nation clause provision allowing a country to receive the same tariff reduction that the United States gives to any third country
World Trade Organization (WTO) administers trade agreements signed under GATT, settles trade disputes between nations, organizes trade negotiations, and provides technical assistance and training for developing countries
General Agreement on Tariffs and Trade (GATT) this was signed in 1947 by 23 countries and it extended tariff concessions and worked to eliminate import quotas
North American Free Trade Agreement (NAFTA) agreement to liberalize free trade by reducing tariffs among three major trading partners: Canada, Mexico, and the United States
Foreign Exchange different currencies used to facilitate international trade
Foreign Exchange Rate the price of one country's currency in terms of another country's currency
Fixed Exchange Rates a system under which the price of one currency is fixed in terms of another currency so that the rate does not change
Flexible Exchange Rates (also called Floating Exchange Rates) under these the forces of supply and demand establish the value of one country's currency in terms of another country's currency
Trade deficit A country will have this whenever the value of the products it imports exceed the value of the products it exports
Trade Surplus whenever the value of exports exceeds the value of imports
Trade-weighted value of the dollar this is the measurement of the strength of the dollar against other country's currency, when this falls that means that imports the country wants to buy are more expensive then the products they are exporting to other countries.
Created by: elizabeth.butler



Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards