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27 Cards in this Set
- Front
- Back
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absolute advantage
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A country has special natural resources or talents that allow it to produce an item at the lowest cost possible
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balance of trade
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The difference in value between exports and imports of a nation
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embargo
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A total ban on specific goods coming into and out of a country
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tarriff
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A tax on imports
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freight forwarders
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Private companies that combine less-than carload or less-than truckload shipments from several different businesses and deliver them to their destinations; in international business, companies licensed by the U.S. Maritime Commission to handle export details
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quota
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Limits either the quantity or the monetary value of a product that may be imported
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comparative advantage
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The value that a nation gains by selling the goods that it produces most efficiently
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balance of payments
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the amount of money from imports - the amount of money from exports. Find the value of imports and exports (- nations total payments to foreign countries & receipts from countries)
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currency
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forms of money
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developed country
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a country with infrastructure and a strong economy
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developing country
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a country that is growing
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domestic trade
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trade within a country's borders
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emerging market
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a new market that's formed in a developing country and is growing
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European Union (EU)
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Europe's trading bloc.
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exports
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goods & services sold to other countries
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foreign exchange rates
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the unit of currency of one country exchanged for currency of another country
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imports
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goods & services purchased from other countries
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international trade
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exchange of goods and services between nations
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strong dollar
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a dollar that's valuable when related to foreign currency
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trade deficit
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the amount of goods and services that a country imports that is in excess of the amount it exports
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trade surplus
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the amount of goods and services that a country exports that is in excess of the amount it imports
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weak dollar
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a dollar of smaller value when related to foreign currency
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multinationals
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large corporations with operations in several countries
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North American Free Trade Agreement (NAFTA)
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internation trade agreement between US, Canada, and Mexico
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nationalize
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Government takes ownership of property and the owners get nothing in return
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mini-nationals
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smaller companies with operations in foreign countries
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World Trade Organization (WTO)
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Global partnership of 135 governments that make rules governing international trade
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