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Vocabulary
Trading Blocks
Trade Barriers
Balance of Trade and Payments
For and against Free Trade
100
The price of one nation's currency in terms of another nation's currency
What is exchange rate
100
Groups of countries that trade together and are close to each other
What is common for trading blocks
100
Things that limit trade between countries
What is trade barriers
100
The rates at which nations trade with other nations
What is balance of trade
100
Encourages an economy to both produce and import
What is a positive about free trade
200
A country can produce a product using less resources than another country
What is absolute advantage
200
Free trade
What is very common in trading blocks
200
Special taxes placed on imported goods
What is Tariffs
200
You export more than you import
What is favorable balance of trade
200
Nations tend to produce less and import more
What is a negative about free trade
300
When a country can produce a good at a lower opportunity cost than another nation
What is comparative advantage
300
North American Free Trade Agreement
What is NAFTA
300
Limitation on the amounts a particular good can be imported into the country
What is Quota
300
When you import more then you export
What is unfavorable balance of trade
300
Allows underdeveloped countries to develop
What does free trade do to underdeveloped countries
400
Trade between countries without any trade barriers
What is free trade
400
European Union
What is EU
400
When a country or several countries refuse to trade with a country
What is Embargo
400
Value of all money coming into the country thanks to exports, minus all of the money going out of the country thanks to the imports
What is balance of payments
400
Protection of National Security
What is something that free trade doesn't protect
500
Groups of countries that trade together
What is trading block
500
27 Countries
What is the amount of countries in the EU
500
Specific guidelines for goods coming into a country
What is Standards
500
When you import you lose money and when you export you make money
What is the difference between what imports and export do to the economy
500
Allows the people to buy what they want and sell what they want
What free trade does for the people