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18 Cards in this Set
- Front
- Back
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the ability of one person or nation to produce a good at an opportunity cost that is lower that of another person or nation
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absolute advantage
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the use of trade barriers to protect a nation's industries from foreign competition
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protectionism
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a worldwide organization whose goal is freer trade and lower tarriffs
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World Trade Orgainization (WTO)
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a regional trade organization made up of European nations
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European Union (EU)
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agreement that will eliminate all tariffs and other trade barriers between Canada, Mexico, and the United States
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NAFTA
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a limit on the amount of a good that can be imported
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import quota
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a good that is sent to another country for sale
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export
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an increase in the value of currency
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appreciation
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a cycle of increasing trade restriction
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trade war
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the ability to produce more of a given product useing a given amount of resources
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comparative advantage
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a self-imposed limitation on the number of products shipped to a particular country
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voluntary export restraint (VER)
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the relationship between a nation's imports and its exports
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balance of trade
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a good that is brought in from another country for sale
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import
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a region where a group of countries agrees to reduce or eliminate trade barriers
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free-trade zones
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a person or nation's ability to produce a good at a lower cost than another person or nation
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absolute advantage
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the result of a nation importing more than it exports
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trade deficit
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the value of a foreign nation's currenct in terms of the home nation's currency
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exchange rate
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the result of a nation exporting more than it imports
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trade surplus
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