Show:
Trade Advantages
Trade Barriers
Trading Blocks
Protectionism vs. Free Trade
International Currencies
100
This is when a country has the ability to produce more of a given product using a given amount of resources
What is absolute advantage?
100
This is a limit on the amount of a good that can be imported
What is an import quota?
100
This was established in 1948 to reduce tariffs and expand world trade
What is the General Agreement of Tariffs and Trade (GATT)?
100
This is the use of trade barriers to protect industries from foreign competition
What is protectionism?
100
This is European currency
What is the euro?
200
This is when a country has the ability to produce a product most efficiently given all the other products that could be produced
What is comparative advantage?
200
This is a self-imposed limitation on the number of products that are shipped to a particular country
*What is a voluntary export restraint (VER)?
200
This was founded in 1995 to have freer global trade and lower tariffs
What is the World Trade Organization (WTO)?
200
Supporters say that protectionism protects these new industries in the early stages of their development
What are infant industries?
200
This is the Japanese currency
What is the yen?
300
This is a key factor used in determining comparative advantage
What is opportunity cost?
300
This is a tax on certain items purchased abroad
What is a customs duty?
300
This was established to eliminate all tariffs and other trade barriers between Canada, New Mexico, and the United States
What is the North American Free Trade Agreement (NAFTA)?
300
This results from cooperation between at least two countries to reduce trade barriers and tariffs and to trade with each other
What is an international free trade agreement?
300
This is the Mexican currency
What is the peso?
400
This states that a nation is better off when it produces goods and services for which it has a comparative advantage
What is the law of comparative advantage?
400
This is a cycle of increasing trade restrictions
What is a trade war?
400
Developed in 1957, this is the most successful example of an agreement formed to abolish tariffs and trade restrictions among union members
What is the European Union (EU)?
400
This is a region where a group of countries agrees to reduce or eliminate trade barriers
What is a free trade zone?
400
This is the Chinese currency
What is the renminbi?
500
This is what international trade leads to an increase in
What is interdependency?
500
This is the prohibition of commerce and trade with a certain country, in order to isolate it and to put its government into a difficult internal situation
What is an embargo?
500
This includes countries along the Pacific Rim, including the United States, Mexico, and Canada that have signed a nonbinding agreement to reduce trade barriers among their nations What is the Asia-Pacific Economic Cooperation (APEC)?
What is the Asia-Pacific Economic Cooperation (APEC)?
500
This is an argument for protectionism that it shelters workers in industries that would be hurt by foreign competition.
What is protecting jobs?
500
What is the currency that the United Kingdom uses
What is the pound?