The goods and services that a nation produces and then sells to other nations.

The goods and services that a nation buys from other nations.

Country's ability to produce a given product more efficiently than another country.

Comparative advantage

Country's ability to produce a given product relatively more efficiently than another country; production at a lower opportunity cost.

Tax placed on an imported product.

*Some products so cheap tariffs do not matter *A quota limits the number of goods allowed in country *By reducing supply of goods, price increases, protecting companies in the U.S.

An official ban on trade or other commercial activity with a particular country.

People that want to protect domestic producers against foreign competition with tariffs, quotas, and other trade barriers.

People who favor fewer or no trade restrictions.

Difference between money paid to and money received from other nations in trade; balance on current accounts includes goods and services.

World Trade Organization. International agency that administers trade agreements, settles trade disputes between governments, organizes trade negotiations, and provides technical assistance and training for developing countries.

North American Free Trade Agreement. Signed in 1993 to reduce tariffs among the US, Canada, and Mexico.

Foreign exchange rate

The price of ones's country's currency in terms of another currency.

The amount by which the cost of a country's imports exceeds the value of its exports.

The amount by which the value of a country's exports exceeds the cost of its imports.

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Economics Chapter 17

Vocab

Term	Definition
Exports	The goods and services that a nation produces and then sells to other nations.
Imports	The goods and services that a nation buys from other nations.
Absolute advantage	Country's ability to produce a given product more efficiently than another country.
Comparative advantage	Country's ability to produce a given product relatively more efficiently than another country; production at a lower opportunity cost.
Tariff	Tax placed on an imported product.
Quota	Some products so cheap tariffs do not matter A quota limits the number of goods allowed in country *By reducing supply of goods, price increases, protecting companies in the U.S.
Embargo	An official ban on trade or other commercial activity with a particular country.
Protectionists	People that want to protect domestic producers against foreign competition with tariffs, quotas, and other trade barriers.
Free traders	People who favor fewer or no trade restrictions.
Balance of payment	Difference between money paid to and money received from other nations in trade; balance on current accounts includes goods and services.
WTO	World Trade Organization. International agency that administers trade agreements, settles trade disputes between governments, organizes trade negotiations, and provides technical assistance and training for developing countries.
NAFTA	North American Free Trade Agreement. Signed in 1993 to reduce tariffs among the US, Canada, and Mexico.
Foreign exchange rate	The price of ones's country's currency in terms of another currency.
Trade deficit	The amount by which the cost of a country's imports exceeds the value of its exports.
Trade surplus	The amount by which the value of a country's exports exceeds the cost of its imports.

Created by: vturner25

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