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Vocab
Benefits of World Trade
Financing World Trade
Restrictions on World Trade
Trade Agreements
100
goods bought from other countries for domestic use.
What are imports?
100
GDP stands for this
What is Gross Domestic Product?
100
the medium of exchange for the United States
What is the dollar?
100
tax on imports
What is a tariff?
100
formally called the European Community
What is the European Union?
200
the ability of a country to produce a product at a lower opportunity cost than another country.
What is Comparative Advantage?
200
the percent of bauxite imported to the United States
What is 90?
200
IMF stands for this
What is the International Monetary Fund?
200
designed to raise the cost of imported goods and help protect domestic producers
What is a protective tariff?
200
NAFTA stands for this
What is the North American Free Trade Agreement?
300
goods sold to other countries.
What are exports?
300
ability of one country using the same amount of resources as another country, to produce a particular product at less cost
What is Absolute Advantage?
300
1944 to the early 1970's, the foreign exchange market operated with
What is a fixed rate of exchange?
300
used primarily to raise income without restricting imports.
What is a revenue tariff?
300
after WWII, numerous bilateral trade agreements were brought together in the
What is the General Agreement on Tariffs and Trade(GATT)?
400
the difference between the value of a nation's exports and its imports.
What is the balance of trade?
400
about 12% of the GDP in the United States is this
What are imports?
400
the price of a currency falls through the action of supply and demand
What is depreciation?
400
complete restrictions on the import or export of a particular good.
What is an embargo?
400
The EU currently consists of __ member nations
What is 15?
500
means lowering a currency's value in relation to other currencies by government order.
What is devaluation?
500
published the "Principles of Political Economy and Taxation in 1817"
Who is David Ricardo?
500
the medium of exchange for Great Britain
What are pounds?
500
restriction imposed on the value of or the number of units of a particular good that can be brought into the country
What is an import quota?
500
At the end of 1993, all 117 nations that belonged to GATT signed a major treaty establishing
What is the World Trade Organization(WTO)?