Trade
when a country can produce a good at a lower opportunity cost
Comparative Advantage
focusing on producing a few specific goods efficiently
Specialization
Standard of living
The purpose of this is to promote free trade and resolve trade disputes
WTO
A policy that does not have any trade barriers.
Free trade.
product brought into a country from another country
Import
International trade promotes specialization by allowing countries to focus on this to make the most money.
producing goods
A tax on imports or exports is known as this
Tariff
The original, now replaced, organization used to improve trade in north America.
NAFTA
The value of the next best thing that is given up when a decision is made.
Opportunity cost.
Selling something with another country and sending it out of your country.
Export
The depending of countries on one another for goods and services is known as this
When one country in a trade loses money, this happens.
All countres loose money,
The replacement for NAFTA, to improve trade in North America.
USCMA
The limited supply of a resource that is almost all gone
Scarcity.
The cost of the next best alternative given up is known as this in economics
Opportunity cost
A key benefit of specialization is increased this.
productivity and efficiency.
GDP
The worlds Biggest Importer and exporter.
China
When a country buys more stuff from other countries than it sells.
Trade Deficit.
When a country imports more than it exports, it is known as this
Specialization is useful because you focus on this.
Something you are good at.
A key value that shows a country's standard of living that is based on the money a person must make at a job
Minimum Wage
The world's richest country, partially thanks to large trades.
The USA
A government policy that regulates free trade.
Trade barrier