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15 Cards in this Set

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Exports

Goods and services that a country produces and then cells to other countries

Imports

Goods and services that one country buys from other countries

Absolute advantage

The country's ability to produce more of a given product then another country

Comparative advantage

A country's ability to produce a product relatively more efficiently than another country

International trade

World trade

Tariff

Text placed on imports to increase their price in the domestic market

Dumping

Selling products abroad for less than it costs to produce them at home

Protectionists

People who favor trade barriers that protect domestic industries

Free traders

People who favor few or no restrictions

Balance of payments

Difference between the money a country pays to, and receives from, other nations when it engages in international trade

Foreign exchange rate

Price of one country's currency in terms of another country's currency

Floating or flexible exchange rate

System under which the forces of supply and demand establish the value of one country's currency in terms of another country's currency

Trade deficit

Occurs when the value of imported products exceeds the value of exported products

Trade surplus

Occurs when the value of exported product exceeds the value of imported products

Trade-waited value of the dollar

And Dick showing the strength of the dollar against a group of foreign currencies