Groups of countries that come together in order to eliminate trade barriers.
Trade Groups
100
This is anything that inhibits trade.
Trade Barriers
100
This describes the exchange of goods and services across the globe.
International Trade
100
If the USA can produce 100 bushels of wheat, and Mexico can produce 80 bushels of wheat, who has the absolute advantage?
The USA
100
This is the term used to describe any type of money that is currently in use.
Currency
200
Cuba and North Korea would be described as what?
Unfavored Nations
200
These people believe that we should not trade with any other nations.
Protectionists
200
The measurement of the flow of payments between one country and the rest of the world.
Balance of Payments
200
If Canada can produce 100 computers and 75 cars, and Japan can make 80 computers and 70 cars, who has the comparative advantage on cars?
Japan
200
The Currency of Japan.
The YEN
300
Which term best describes this statement: We don’t like you… So, you get nothing from us.
Embargo
300
What trade barrier would cause the price to rise due to the lack of supply?
Quota
300
This is when a country imports more than it exports.
Deficit
300
Comparative advantage says that a country should specialize in one good or product and ________ for the other.
Trade
300
US $ is a constant 1 to1 exchange for the currency of Panama (balboa). What does this describe?
Fixed Exchange Rate
400
If a trade needed some oversight what group would be involved?
WTO
400
What trade barrier can be the result of someone being an enemy?
Embargo
400
What two groups support NAFTA?
Companies and Consumers
400
If Mexico can produce 100 bushels of corn and 20 cars, and Brazil can produce 20 bushel of corn and 100 cars, who has the comparative advantage in cars and who has the advantage in corn?
Corn=Mexico, and Cars= Brazil
400
If a currency changes based on demand, what would this describe?
Floating Exchange Rate
500
What are the 3 trade groups we have discussed in this unit?
NAFTA, ASEAN, and the E.U.
500
What trade barrier could cause a rise in price due to political tensions?
Tariff
500
What do people lose due to NAFTA, and other trade groups?
Jobs
500
Absolute advantage says that a country can do what?
Make more of a product than another.
500
What are the 2 terms to describe how much money can be worth and the change in worth?