Levels of Development
Nation with a higher average level of material well-being.
Developed Nation
A good that is brought in from another country for sale.
Import
A limit on the amount of a good that can be imported.
Import Quota
The services and facilities necessary for an economy to function.
Infrastructure
A cycle of increasing trade restrictions between nations is called a ...
Trade War
Nation with a low level of material well-being.
Less Developed Country
A good that is sent to another country for sale.
Export
A tax on imported goods.
Tariffs
Level of farming in which a person raises only enough food to feed their family.
Subsistence Agriculture
The proportion of the population over age 15 that can read and write is called the...
Literacy Rate
A Nations GDP divided by its total population.
GDP Per Capita
The ability to produce a product more efficiently than other products.
Comparative Advantage
Self-imposed limit on the number of products shipped to another country.
Voluntary Export Restraint
The number of deaths that occur in the first year of life per 1,000 live births.
Infant Mortality Rate
A worldwide organization whose goal is freer global trade and lower tariffs. Also acts as a referee.
World Trade Organization / WTO
The average expected life span of an individual.
Life Expectancy
Absolute Advantage
Agreement that results from at least two countries pledging to reduce trade barriers.
International Free Trade Agreements
Percent increase of a country’s population in a given year
Population Growth Rate
It means suitable for growing crops
Arable
The Extensive organization of an economy for the purpose of manufacture.
Industrialization
The idea that a nation is better off when it produces goods and services for which it has a comparative advantage.
Law of Comparative Advantage
A region where a group of countries agrees to reduce or eliminate trade barriers.
Free Trade Zone
The difference between the birth rate and death rate.
Natural Rate of Population Increase
The use of trade barriers to protect a nations industries from foreign competition.
Protectionism