12 ECON Vocab 17 Matching
| ability to produce a product relatively more efficiently or at a lower opportunity cost |
| a nation's ability to produce a given product more efficiently than another nation |
| tax on imports designed to protect less efficient domestic industries |
| tax on imports designed to increase their price in the domestic market |
| people who favor few or no restrictions on trade with other countries |
| limit on the quantity of a product that may be imported |
| difference between the money a country pays to and receives from other countries |
| foreign currency used for international trade |
| system under which the price of one currency remains unchanged in relation to the value of another currency |
| occurs when the value of exports exceeds the value of imports |
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