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100
Products made or grown abroad and sole domestically in the U.S.
What are imports?
100
Products made or grown in the United States and shipped for sale abroad
What are exports?
100
The total economic value of a country's imports less the economic value of its exports
What is the balance of trade?
100
This occurs when a country's imports exceed its exports
What is a trade deficit?
100
This occurs when a country's exports exceed its imports
What is a trade surplus?
200
The flow of money into/out of a country, including imports, exports, money spent on tourism, foreign aid programs, etc.
What is the balance of payments?
200
The rate at which the currency of one country can be exchanged for that of another
What is the exchange rate?
200

International bank with 189 member nations whose goal is to ensure the stability of the international monetary and financial system

What is the International Monetary Fund (IMF)?

200
When a country can produce something that is cheaper or of higher quality than any other country, it has this
What is absolute advantage?
200
A country has this when it can produce something more efficiently or better than other nations
What is comparative advantage?
300

Reciprocal form of international trade in which goods or services are exchanged for other goods and services, rather than for currency

What is countertrade?

300

The deliberate downward adjustment of the value of a country's money relative to another currency or currincies

What is currency devaluation?

300

A way to restrict trade using trade barriers in a form other than a tariff

What are nontariff barriers?

300

International institution that oversees the global trade rules among nations

What is the World Trade Organization (WTO)?

300
A contract under which one firm allows another to use its brand name, operating procedures or proprietary technology
What is a licensing arrangement?
400
The purchase or establishment of tangible assets in another country, such as building a manufacturing facility
What is foreign direct investment?
400

Essentially a tax that is levied on an imported good

What is a tariff?

400

Legal agreement among 23 countries minimizing barriers to international trade; the forerunner of the World Trade Organization (WTO)

What is the General Agreement on Tariffs and Trade (GATT)?

400
The practice of protecting domestic business at the expense of free market competition
What is protectionism?
400

Group of 27 countries that acts as one economic unit in the world economy

European Union

500

These banks provide financial assistance to developing countries in order to promote economic and social development

What are multilateral development banks (MDBs)?

500

Trade agreement among the United States, Mexico and Canada

What is NAFTA (or now USMC)?

500
A government order forbidding exportation or importation of products to or from a specific country
What is an embargo?
500

This barrier to international trade restricts the number of products of a certain type that can be imported

What is an import quota?

500
Selling a product abroad for less than the cost of production in the home country
What is dumping?
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