Trading
When you export LESS than you import.
What is a Trade Deficit?
Unrestricted movement of goods and services across international borders.
What is Free Trade?
Buying products at home, that have been brought in from foreign nations.
What is Importing?
Taxes levied against imports.
What are Tariffs?
Roads, trains, airports, shipping docks are a part of this infrastructure.
What is Transportation?
When you export MORE than you import.
What is a Trade Surplus?
Loss of potential gain from other alternatives when one alternative is chosen.
What is Opportunity Cost?
World's largest common market composed of 27 European nations.
What is the EU (European Union)?
Limitations on the amount of specific products that can be imported during a given period of time.
What are Quotas?
The difference in value between a country's imports and exports.
What is balance of trade?
Treaty among the USA, Canada and Mexico.
What is USMCA? (Formally NAFTA)
__________ countries represent big business opportunities in terms of both size and economic growth.
What is Developing?
International cooperative of 189 member countries working together to reduce poverty in the developing world.
What is the World Bank?
Complete ban on international trade of a certain item or total halt in trade with a particular nation.
What is an Embargo?
The value of one currency for the purpose of conversion to another.
What is Exchange Rate?
This evens out some of the resource imbalances among nations.
What is International Trade?
Benefit a county has when it can produce more product than other nations with the same amount of resources.
What is Absolute Advantage?
This agreement was established after WWII that allowed for more free trade.
What is the General Agreement on Tariffs and Trade or (GATT)?
Oil, gas, electric, water and sewer are a part of this infrastructure.
What is Energy?
When people in the UK drink more tea than coffee it is a ___________ difference.
What is Sociocultural Difference?
When a country, business or person trades without using currency, but goods and services.
What is Bartering?
Benefit a country has if it can make products at a lower opportunity cost than other countries.
What is Comparative Advantage?
This organization came about in 1995 to promote international trade and settle disputes.
What is the World Trade Organization?
When a company wants to do business in a country but is required to payoff local officials.
What is Bribery or Corruption?
This percentage of cars parts that have to come from North America because of the USMCA
What is 75%