Basics of Trade
When goods and services are being shipped outside a country, they are being _____________ed.
Export
Free trade causes worldwide economic output to ___________.
grow/rise/increase
The biggest loser of Globalization has been the...
Enivironment
A good brought into a country from another country is known as an...
Import
When two countries negotiate a deal that will regulate trade between them, it is known as a ___________ ______________.
Trade Agreement
Today, the production of most goods around the world happens in...
The developing world
Globalization has led to the rise of a _____________-based economy in wealthy countries like the USA.
Service
The ability to produce a larger amount of a good or service than another producer given the same inputs is known as "having an..."
Absolute Advantage
Trade allows a country to focus on producing what it is best at producing, a term known as...
Specialization
When a country is producing goods that are then being bought at home, those goods are in the ________________ market.
Domestic
With the increase in people's movement around the world with Globalization, there is now a greater concern for these type of medical crises amongst the human population.
Pandemics
Taxes on imports and exports are known as...
Tariffs
If Colombia can produce coffee with a lower _____________ ________ than the US, it is said to have a comparative advantage over the US in coffee production.
Opportunity Cost
This trade deal was signed by the US, Canada, and Mexico in 1993 and reduced trade barriers between the three countries.
NAFTA
With so many people moving around the world, globalization has led to many more examples of cultural ___________.
blending
When a government pays someone to produce something (like America does with US farmers) it is known ______________-ing an industry, or paying ______________.
subsidizing, subsidies
These three countries are the top trading partners of the USA.
Canada, Mexico, and China
The IMF, which gives loans to various countries, stands for...
International Monetary Fund
People in wealthy countries tend to use significantly more amounts of _____________ compared to people in poorer countries.
energy/resources
Protectionism