Ch. 7 Vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| International Trade | Exchange of goods and services between nations
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| Imports | Goods and services purchased from other countries
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| Exports | Goods and services sold to other nations
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| Absolute Advantage | Occurs when a country has specific natural resources
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| Comparative Advantage | Value that a nation gains by selling the goods it produces more efficiently
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| Balance of Trade | The difference in value between Imports and Exports
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| Tariff | Tax on imports
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| Quota | Limits the monetary value of a product
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| Embargo | A total ban on a specific good
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| Most-Favored-Nation-Status(MFNS) | Used to encourage trade in these countries
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| Foreign Trade Zones | Designated areas of a country where foreign businesses benefit from reduced tariffs
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| Export-Import Bank(Eximbank) | Independent agency of the US gov
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| International Monetary Fund | Helps stabilize countries in economic trouble
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| General Agreement on Tariffs and Trade | International trade agreement to promote free global trade
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| North American Free Trade Agreement | International trade agreement to promote free trade in North America
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| European Union | Europeans trade bloc
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| Customs Brokers | Specialists who are licensed by the US treasury
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| Letter of Credit | Most secure way of payment
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| Draft | Reverse Check
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| Time Draft | US sends documents through a bank
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| Multinationals | Large corporations that have operations in several countries
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| Mini-nationals | Midsized or smaller companies that have operations in foreign countries
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| Joint Ventures | Direct investment via Domestic Partner
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| Nationalize | Government seizes private land
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Dustin Greenawalt
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