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100
A country can produce a product using less resources than another country
What is absolute advantage
100
When a country can produce a good at a lower opportunity cost than another nation
What is comparative advantage
100
Things that limit trade between countries
What is trade barriers
100
Special tax placed on imported goods
What is tariffs
100
Limitations in the amount a particular good that can be imported into a country
What is quota
200
Who has absolute value in rice
What is China
200
You export more than import
What is favorable trade
200
You import more than you export
What is unfavorable trade
200
When a country refuse to trade with a country
What is embargo
300
Who has absolute advantage in tea
What is Russia
300
The rate at which nations trade with other nations
What is balance of trade
300
Before goods can be sold in the us they must meet what
What is health requirements
400
The price of one nation's currency in terms of another nation's currency
What is exchange rates
400
What must be considered when determining comparative advantage
What is the cost
400
Protects us producers from too much compition
What is protectionism
400
Payment from the government to businesses
What is subsides
500
Person who can produce more ,more efficiently
What is absolute advantage
500
If you produce something at a low cost you have
What is comparative advantage
500
national security and protecting citizens health
What is reason for trade barriers
500
creates jobs and keeps money in the economy
What is subsidies