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International Terms

Armuchee International Terms

QuestionAnswer
A cycle of increasing trade restrictions. Trade War
A good that is brought in from another country for sale. Import
A good that is sent to another country for sale. Export
A limit on the amount of a good that can be imported. Quota
A means of preventing a foreign product or service from freely entering a nation’s territory. Trade Barrier
A tax on certain items purchased abroad. Custom Duty
A tax on imported goods. Tariff
The ability to produce a product most efficiently given all the other products that could be produced. Comparative Advantage
The ability to produce more of a given product using a given amount of resources. Absolute Advantage
The use of trade barriers to protect a nation’s industries from foreign competition. Protectionism
A currency system in which governments try to keep the values of their currencies consistent against one and other. Fixed Exchange Rate
A currency system that allows the exchange rate to be determined by supply and demand. Flexible Exchange Rate
A decrease in the value of a currency. Depreciation
Agreement that will eliminate all tariffs and other trade barriers between Canada, Mexico, and the United States. NAFTA
An increase in the value of a currency. Appreciation
Geopolitical trading block made up of Indonesia, Malaysia, the Philippines, Singapore and Thailand ASEAN
Organization whose goal is freer trade and lower tariffs worldwide. World Trade Organization
Regional trade organization made up of some European countries. EU
Results from cooperation between at least two countries to reduce trade barriers, in order to increase trade with each other. International Free Trade Agreement
The value of a foreign nation’s currency in terms of the home nation’s currency. Exchange Rate
Created by: Armuchee
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