Chapter 7
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| Balance of trade | Difference in value between exports and imports of a nation
🗑
|
||||
| imports | goods and services purchased from other countries
🗑
|
||||
| exports | goods and services sold to other countries
🗑
|
||||
| absolute advantage | advantage a nation has when it possesses natural resources or capabilities that allow it to produce a given commodity at a lower cost than any other nation in the world
🗑
|
||||
| comparative advantage | advantage a nation gains by selling the goods it produces more efficiently than other goods
🗑
|
||||
| multi-nationals | large corporations that have operations in several countries
🗑
|
||||
| mini-nationals | midsized and smaller companies that have operations in foreign countries
🗑
|
||||
| tariff | a tax on imports; also called a duty
🗑
|
||||
| quota | limit on either the quantity or monetary value of a product that may be imported
🗑
|
||||
| embargo | total ban on specific goods coming into and leaving a country
🗑
|
||||
| joint ventures | partnerships between foreign and domestic firms, frequently used or required to conduct business abroad
🗑
|
||||
| custom brokers | import specialists licensed by the U.S. Treasury Department
🗑
|
||||
| letter of credit | guarantee of payment obtained by foreign customer that allows a U.S. exporter to be paid by a U.S. bank as soon as goods have been shipped
🗑
|
||||
| draft | exporter's authorization to a foreign bank to collect money owed for a shipment and release shipping documents to a foreign customer once payment is made
🗑
|
||||
| time draft | document that allows a foreign customer to take delivery of goods without payment; essentials a promise to pay in the future
🗑
|
||||
| nationalize | to take ownership by government action and without compensation
🗑
|
||||
| most-favored-nation status (MFNS) | status the United States grants to countries with which it wants to encourage trade
🗑
|
||||
| foreign trade zones | designated areas of a country where foreign businesses benefit from reduced tariffs
🗑
|
||||
| Export-Import Bank (Eximbank) | Independent agency of the U.S. government whose purpose is to foster trade between the United States and others countries
🗑
|
||||
| international monetary fund (IMF) | Multinational agency whose purpose is to help stabilize exchange rates among the currencies of its member nations
🗑
|
||||
| general agreement on tariffs and trade (GATT) | International trade agreement designed to promote global free trade through the reduction of tariffs and the use of a common set of rules for trading
🗑
|
||||
| North American Free Trade Agreement (NAFTA) | international trade among the United States, Canada and Mexico
🗑
|
||||
| European Union (EA) | Europe's trading bloc; intended as a political as well as economic union
🗑
|
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.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
olongboat18
Popular Sports sets