Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
20 Cards in this Set
- Front
- Back
Exports |
a commodity, article, or service sold abroad. |
|
Imports |
a commodity, article, or service brought in from abroad for sale. |
|
Absolute advantage |
the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group. |
|
Comparative advantage |
countries specialise in producing goods where they have a lower opportunity cost |
|
Tariff |
a tax or duty to be paid on a particular class of imports or exports. |
|
Quota |
a limited quantity of a particular product that under official controls can be produced, exported, or imported. |
|
Protectionists |
the theory, practice, or system of fostering or developing domestic industries by protecting them from foreign competition through duties or quotas imposed on importations. |
|
Free traders |
one that practices or advocates free trade |
|
Balance of payments |
the difference in total value between payments into and out of a country over a period. |
|
World Trade Organization |
the only global international organization dealing with the rules of trade between nations |
|
North American Free Trade Agreement (NAFTA) |
an agreementamong the United States, Canada and Mexico designed to remove tariff barriers between the three countries. |
|
Foreign exchange rate |
Rate at which one currency may be converted into another. also called rate of exchange or exchange rate or currency exchange rate. |
|
Fixed exchange rate |
a country'sexchange rate regime under which the government or central bank ties the officialexchange rate to another country's currency (or the price of gold). |
|
Flexible exchange rate |
a country'sexchange rate regime where its currency is set by the foreign-exchange market through supply and demand for that particular currency relative to other currencies. |
|
Trade deficit |
the amount by which the cost of a country's imports exceeds the value of its exports. |
|
Trade surplus |
the amount by which the value of a country's exports exceeds the cost of its imports. |
|
Trade-weighted value of the dollar |
a measurement of the foreign exchange valueof the U.S. dollar compared against certain foreign currencies. |
|
Embargo |
an official ban on trade or other commercial activity with a particular country. |
|
European Union (EU) |
A political union, often called the EU, to which the member states of the EEC are evolving. Based on the Maastrict Treaty, it envisions the eventual establishment of common economic, foreign, security, and justice policies. |
|
Association of Southeast Asian Nations (ASEAN) |
a political and economic organisation of tenSoutheast Asian countries. It was formed on 8 August 1967 by Indonesia, Malaysia, the Philippines, Singapore, and Thailand. |