Key Words
The exchange of goods and services in a market.
Trade
The country that the U.S. is currently in a trade war with
Why do people engage in trade?
To get what they want and need.
Goods and services produced within a country and sold outside the countries' borders.
Exports.
What does NAFTA stand for?
North American Free Trade Association.
Who does trade benefit?
* Buyer
* Seller
* Both
Both the buyer and the seller.
Gives consumers lower prices and more choices.
Free trade.
The United States exports more goods than any other nation except this country.
China.
Because countries cannot produce all goods with their resources they ____________.
Trade with countries to get the goods or resources they need.
A government policy or restriction that limits international trade.
A trade barrier.
The current U.S. trade deficit is.
54 billion USD.
Most of the goods imported into the United States come from these three countries.
Canada, China, and Mexico.
A Teriff.
The last year the U.S. had a trade surplus.
1975.
According to the law of comparative advantage a nation is better off when ______________.
It produces goods and services for which it has a comparative advantage.