Trade Basics
Goods brought from other countries are called this.
HINT: Products crossing in from abroad
Imports
The action of buying and selling goods
HINT: Includes importing and exporting
Trade
This Asian country exports the most to the U.S.
HINT: Big in electronics, toys, and clothes
China
Goods made in one country and sold in another
HINT: Global shopping and selling
International Trade
This port handles much U.S - Asia trade
HINT: Ships galore on the West Coast
Port of Los Angeles
Goods sold to another country are called this.
HINT: These goods exit the country
Exports
Encourages economic activity between the United States, Canada and Mexico
HINT: NAFTA is the acronym
Major U.S. export to Canada
HINT: Vroom goes North
Automobiles
The exchange of one currency for another or the conversion of one currency into another
HINT: $10 USD are equal to $151.69 Pesos
Foreign Exchange
Largest container port on the East Coast
HINT: Empire state meets cargo
Port of New York and New Jersey (I'll allow just NY)
A country benefits by doing what it does best
HINT: Specializing brings savings
Comparative Advantage
This global group promotes open trade
HINT:WTO Abbreviation
World Trade Organization
This South American country buys U.S. machinery
HINT: Rainforest nation with big economy
Brazil
A tax on imported goods
HINT: Adds cost at the border
Tariff
Major inland trade hub on the Mississippi River
HINT: Jazz and global shipping
Port of New Orleans
This value compares imports and exports.
HINT: Measures flow in and out
Trade Balance
Takes place when member countries are free to move factors of production within other member countries
HINT: If it's not rare, it's...
Common Market
Main U.S. export to Japan
HINT: Soaring sales across the Pacific
Trade done without barriers
HINT: No tax, no limits
Free Trade
Biggest air cargo airport in the U.S.
HINT: FedEx flies from here
Memphis International Airport
When imports exceed exports, it's called this
HINT: More in that out = this result
Trade Deficit
Makes the bribery of foreign officials to obtain or keep business illegal
HINT: FCPA is the acronym
Foreign Corrupt Practices Act
Top importer of U.S. soybeans
HINT: Keep going South!
Mexico
HINT: Gas, housing, automobile, and grocery prices are going UP
Inflation
This Texas city has large U.S. - Mexico trade
HINT: Cross-border goods galore
Laredo