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Reasons and balance of Trade
Absolute And comparative advantage
Trade barriers
Free trade
Trade blocks
100
Countries focus on what they produce best.
What does countries usually focus on producing?
100
Country can produce a product using less resources than another country.
What is absolute advantage?
100
Things that limit trade between countries.
What is trade barriers?
100
Trade between countries without any trade barriers.
What is free trade?
100
Groups of countries that trade together.
What is trade blocks?
200
Value of all money coming into the country thanks to exports.
What is balance of payments?
200
When a country can produce a good at a lower opportunity cost than another nation.
What is comparative advantage?
200
Tariffs,quota,embargo,standards, and subsidies.
What is the 5 trade barriers?
200
Encourages economies to both produce and import.
What is a positive with free trade?
200
Allows for free trade between the U.S., Mexico and Canada.
What is the nafta?
300
The rates at which nations trade with other nations.
What is balance of trade?
300
It's more efficient so has the absolute advantage.
What happens if you can produce more?
300
Special taxes placed on imported goods.
What is tariffs?
300
Nations tend to produce less and import more.
What is a negative with free trade?
400
You export more than you import.
What is favorable balance of trade ?
400
You have the comparative advantage.
What happens if you put a low price?
400
Limitation on the amounts a particular good that can be imported into a country.
What is quota?
400
Many people believe free trade improves economic efficiency.
What is an argument for free trade?
500
You import more than you export.
What is unfavorable balance of trade?
500
Comparative advantage
The cost of producing each item must be considered when determining blank?
500
Payment from government to business.
What is subsibies?
500
Troubles with protection of national security.
What is an argument against free trade?
500
Established in 1992, eliminated many tariffs between the countries involved.
What is ASEAN?