Vocabulary
the exchange of goods and services
What is trade?
taking place within a country
domestic
a country with a strong economy and a high standard of living
What is a developed country?
what a country is good at producing, or its ability to produce a product more efficiently than other products
What is comparative advantage?
coming from outside a country
What is foreign?
a country with a less productive economy and a lower standard of living
What is a developing country?
a government policy or restriction that limits international trade
What is a trade barrier?
describes agreements, trade, or travel between countries
What is international?
the total value of all goods and services porduced in a country in a year
What is GDP?
removal of trade barriers
What is free trade?
goods shipped into a country
What are imports?
the amount of goods and services produced given the amount of resources uses
What is productivity?
economic growth or an increase in living standards
What is development?
the money of one country is exchanged for that of another country
What is currency exchange?
a measure used to assess a country's overall quality of life
What is HDI?