study material for economics vocab ch 17 - Ponder
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| most favored nation clause | provision allowing a country to receive the same tariff reduction that the United States negotiates with a third country
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| fixed exchange rate | system under which the price of one currency remains unchanged in relation to the value of another currency
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| protective tariff | tax on imports designed to protect less efficient domestic industries
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| trade surplus | occurs when the value of exports exceeds the value of imports
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| North American Free Trade Agreement (NAFTA) | agreement among Canada, Mexico, and the United States to reduce tariffs
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| exports | goods and services produced in one country and shipped to another
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| dumping | selling products abroad at less than it costs to produce them
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| free traders | people who favor few or no restrictions on trade with other countries
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| absolute advantage | a nation's ability to produce a given product more efficiently than another nation
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| tariff | tax on imports designed to increase their price in the domestic market
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| trade-weighted value of the dollar | trade-weighted value of the dollar - index showing the strength of the dollar against a group of foreign currencies
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| comparative advantage | ability to produce a product relatively more efficiently or at a lower opportunity cost
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| World Trade Organization (WTO) | international organization that settles trade disputes and organizes trade negotiations
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| quota | limit on the quantity of a product that may be imported
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| foreign exchange | foreign currency used for international trade
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| trade deficit | when the value of products imported exceeds the value of products exported
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| balance of payments | difference between the money a country pays to and receives from other countries
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| revenue tariff | tax placed on imported goods that will generate revenue without prohibiting imports
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