Why Nations Trade
A good/service brought in from another country for sale
An Import
What is a tax imported good called?
A Tariff
A value of a nations currency in relation to a foreign currency.
Exchange Rate
The process by which nations improve the economic and social well-being of its people is called?
Development
Increasingly tight interconnection of producers, consumers, and financial systems around the world is known as?
Globalization
Things that people make to produce final goods and services.
Capital Labor
Places a limit on the amount of goods that can be imported.
Import Quotas
An increase in the value of currency is called?
Appreciation
The average expected like span of an induvial is called?
Life expectancy
Large scale destruction of forest?
Deforestation
A Good/Service sent to another country for sale.
Export
What is is called when a foreign product is prevented from freely entering the nations territory?
A trade barrier
A decrease in value of currency is called?
Depreciation
The proportion of a population over age 15 that can read and write is called?
Literacy rate
What are ongoing issue with globalization?
Deforestation, competition for resources, global warming etc.
According to what law is a nation better of when it can produce goods and services
The law of comparative advantage.
What is it called when a group of country's agree to reduce or eliminate barrier
A free trade Zones (Ex: NAFTA)
Trade deflict.
The organization of an economy for the purpose of manufacturing is called?
Industrialization
What is it called when global economy companies move parts of there operations to other countries?
Offshoring
What is the shared needs of countries for resources.
Interdependence
A action a nation or groups of nations take to punish another nation.
A Sanction.
A system that governments keep values of there currencies constant against another
Fixed exchange-rate system
What is the social indicator would you expect to be low in a country with poor nutrition and a lack of clean water?
Quality of life
What does "brain drain" mean?
The migration of best educated people of a less developed country to developed nations.