International Trade
When a country exports more than imports.
Favorable Balance of Trade
Policy where barriers are set up to protect a country's home, business and job
Protectionism
NAFTA stands for _____
North America Free Trade Agreement
Tender money that is issued by the government
What is Fiat?
Allows countries to specialize production to make use of their available resources
What is Globalization?
This kind of advantage is when one entity can produce something at a lower opportunity cost than a competitor.
Comparative Advantage
Quota sets a limit on the number of _____ allowed
Imports
Name the three countries included in the NAFTA
US, MEXICO and CANADA
Replaces a barter system, medium of _____
What is Medium of exchange?
The practice pf giving jobs to foreign laborers
What is outsourcing?
This tax on imports protects domestic companies.
This restricts the availability of goods and pushes up prices
Quota
Who helps countries solve trade disputes?
THE WTO
Money that is backed by a community.
What is representative?
Fill in the blank, Increased globalization leads to economies becoming more ______
What is interdependent?
This practice allows for a country to primarily focus on the production of a specific good because it has an advantage in its production.
Specialization
This tariff allows the government to raise money
Revenue
The European Union is a political and economic union consisting of ____ union members
27
Establishes a value on goods and services, measure of _____
What is Measure of value?
To operate and invest in multiple countries
What is Multinational corporations?
Who is the United States's largest trade partner?
China
The US established an embargo against trade with Cuba in ____
1960
Which Country recently withdrew from the EU?
The UK
Fill in the blank, currency that is valued based on the __________ it is made from
What is commodity?
Which company is the largest employer in the world with 2.2 million employees.
Wal Mart