World Trade Word Scramble
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Question | Answer |
the condition that exists when countries rely on each other for ideas, goods, services, and markets | globalization |
the exchange of resources, goods, and services across international borders | world trade |
WTO | World Trade Organization |
people and businesses that use resources to make goods and services | producers |
people who use goods and services to satisfy their own personal needs | consumers |
selling resources and/or goods to other countries | export |
buying resources and/or goods from other countries | import |
the difference between the value of exports and the value of imports in a country's economy | balance of trade |
a situation that occurs when the value of a country's exports is higher than the value of its imports | trade surplus |
a situation that occurs when the value of a country's exports is lower than the value of its imports | trade deficit |
any regulation or law that slows or prevents trading with another nation | trade barrier |
a tax added to the price of goods that are imported | tariff |
a limit on how many items of a particular product that can be imported from a certain nation | quota |
a special payment made by a government to support a particular group or industry | subsidy |
the acceptable requirements that products must meet in order to be traded | standard |
the step taken to cut off trade with a country to show opposition to its government's actions | trade sanction |
a total ban on trade with a particular country | embargo |
the removal of trade restrictions so goods flow freely among countries | free trade |
NAFTA | North American Free Trade Agreement |
EU | European Union |
OPEC | Organization of Petroleum Exporting Countries |
hiring workers in other countries to do a set of jobs usually for less money | outsourcing |
The trade agreement between the United States, Canada, and Mexico | NAFTA |
how much of something that is available | supply |
how much of something people want | demand |
When people really want something, the demand is ________ and the price goes up. | high |
When people don't want something, the demand is low and the price goes ________. | down |
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