Show:
Trade Advantages
Trade Barriers
Trading Blocs
Free Trade/ Protectionism
Foreign Currencies
100
The ability to produce a product most efficiently at a lower opportunity cost.
What is comparative advantage?
100
A tax on imported goods
What is a tariff?
100
The acronym NAFTA
What is North America Free Trade Agreement
100
Believes available domestic jobs will decrease by foreign competition
Who are protectionists?
100
The value of a foreign nation's currency in terms of the home nation's currency
What is exchange rate?
200
The basis of comparative advantage
What is opportunity cost
200
Means of preventing a foreign product or service from freely entering a nation's territory
What is a trade barrier?
200
The EU
What is the European Union?
200
Those who believe in free trade and oppose trade barriers?
Who are free traders?
200
An increase in the value of the currency
What is appreciation?
300
Different countries having different amounts of the factors of production
What is unequal resource distribution?
300
A limit on the amount of a good that can be imported
What is a import quota?
300
A single currency that replaces individual currencies among members of the European Union
What is the euro?
300
Options people have when they lose their jobs.
What is relocating and retraining?
300
A decrease in the value of a currency
What is depreciation?
400
Materials found in nature that determine what goods and services an economy produces
What are natural resources?
400
Trade barrier that eliminates any possible trade with another country or territory
What is an embargo?
400
A region where a group of countries agrees to reduce or eliminate trade barriers.
What is a free-trade zone?
400
The use of trade barriers to protect industries from foreign competition.
What is protectionism?
400
Peso
What is the mexican currency?
500
A nation is netter off when it produces goods and services for which it has a comparative advantage
What is the law of comparative advantage?
500
A tax on certain items purchased abroad
What is a customs duty?
500
A world wide organization whose goal is freer global trade and lower tariffs
What is the World Trade Organization (WTO)?
500
New industries that need time and practice to become efficient producers.
What are infant industries?
500
The former currency used in Germany
What is the mark?