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10 Cards in this Set

  • Front
  • Back
to sell good to other countries ; or a good produced in one country , then sold to another
export
a good purchased from one country by another
import
the abilit of a country to produce a good at a opportunity cost than another country can
comparative advantage
a customs duty; a tax on an imported good
tariff
a limit on the amount of foreigh god imported into a country
quota
policy of reduced trade barries
free trade
organization of eeuropean nation whose goal is to encourage ecourage economic integration into a single market in europe
european union
the price of one nation's currency in terms of anther nation currency
exchange rate
the difference between the the calue of a nation 's exports and ts imports
balance of trade
situation in which the value of the products imported by a country exceeds the value of its imports
trade deficit