Trade
When a country can produce a good at a lower opportunity cost
Comparative Advantage
focusing on producing a few specific goods efficiently
Specialization
Being involved in this increases a nation's standard of living by allowing specialization which increases productivity and decreases cost
global trade
This is a now non-existent organisation used to increase trade in North America
NAFTA
A government policy or regulation that limits international trade
Trade barrier
This is a product brought into a country from another country
Import
International trade promotes this by allowing countries to focus on producing goods they can make most efficiently
Specialization
The cost of the next best alternative given up is known as this in economics
Opportunity Cost
The organization used to improve trade all around the world.
WTO
The limited supply of a resource that changes how much a country can consume of it
Scarcity
A tax on imports or exports is known as this
a tariff
A key benefit of specialization is when it is increased
productivity and efficiency.
The depending of countries on one another for goods and services is known as this
interdependence
The new version of NAFTA to benefit all of North America
USMCA
Free trade
When a country imports more than it exports it is known as this
a trade deficit
Speacialization exists due to this
Trade
When a region lacks natural resources it relies on this to acquire those resources.
trade
The country in the world with the most money, partially due to trading.
USA
The ability to produce a particular good or service at a lower opportunity cost than its trade partners.
Comparative Advantage
This is a country sending out a product to another country in trade
Export
A countries ____ helps determine how people in that country lives.
GDP
Standard Of Living
The country with the most amount of trading between and with other countries.
CHINA
When multiple parties or businesses depend on each other to exchange goods based on their needs.
Interdependence