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Vocabulary Chap 17

Exports goods and services a nation produces and sells to other nations
Imports goods and services that one country buys from other countries
Absolute Advantage when a country can produce a good more efficiently
Comparative Advantage the ability to produce a product relatively more efficiently or at a lower opportunity cost
Tariff a tax placed on imports to increase their price in the domestic market
Quota a limit placed on the quantities of a product that can be imported
Protective Tariff a tariff high enough to protect less-efficient domestic industries
Revenue Tariff a tariff high enough to generate revenue for the government without actually prohibiting imports.
Dumping selling products abroad at less than the cost to produce them at home
Protectionists people that favor trade barriers that protect domestic industries
Free Traders people that favor few or no trade restrictions
Infant Industries Argument the belief that new or emerging industries should be protected from foreign competition
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 part of United States law that allows a favored nation to receive the lowest possible tariff
Word Trade Organization an international organization focused on administering treaties, settling trade disputes, and providing training for developing nations
North American Free Trade Agreement An agreement between United States, Canada, and Mexico to liberalize trade by reducing tariffs
Foreign Exchange foreign 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 in which the price of one currency is fixed in terms of another so that the rate does not change
Flexible Exchange Rates supply and demand determine the value of one country's currency in terms of another's country's currency
Trade Deficit when the value of the products a country imports exceeds the value of the products it exports
Trade Surplus when the value of a country's exports exceeds the value of its imports
Trade-Weighted Value of the Dollar index showing the strength of the dollar against a group of foreign currency
Created by: kvanolson