vocabulary
100
Imports
Goods bought from other countries for domestic use
200
Comparative Advantage
Ability of a country to produce a product at a lower opportunity cost than another country
300
Fixed Rate of Exchange
system under which a national government sets the value of its currency in relation to a single standard
400
Specialization
concept that a nation should produce and export a limited assortment of goods for which is particularly suited in order to maintain profitable
500
World Trade Organization
world's largest trade agreement among 134 nations
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