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Buy & Sell
American Jobs
Free or Command?
100
to buy goods from another country; a good purchased from one country by another
What is import?
100
selling your goods to another country
What is exporting?
100
Buying goods from another country and bringing them in.
What is importing?
200
a country's ability to produce a good more efficiently, or at a lower opportunity cost, than other countries
What is comparative advantage?
200
The use of tactics that make imported goods more expensive than domestic goods
What is protectionism?
200
A limit on the amount of foreign goods imported into a country
What is a quota?
300
The lifting of trade restrictions among countries
What is free trade?
300
A country with a low per capita income in which a large number of people have a low standard of living
What is a developing country?
300
A customs duty; a tax on an imported good
What is a tariff?
400
A system combining characteristics of more than one type of economy
What is a mixed economy?
400
The difference between the value of a nation's exports and its imports
What is the balance of trade?
400
The value of a nation's currency in relation to another nation's currency
What is the exchange rate?
500
A country with a high standard of living, a high level of industrialization, and a high per capita income
What is a developed country?
500
A system combining characteristics of more than one type of economy
What is a mixed economy?
500
The change from state-owned factories and farms to ones owned by private citizens
What is privatization?