Unit Six Lesson Fifteen Economics

Front

The difference between the value of a country’s exports and the value of its imports

Back

Balance of trade

Front

Goods and services produced domestically and sold in other countries

Back

Exports

Front

The trading of one national currency for another

Back

Foreign exchange

Front

The policy of eliminating barriers to international trade

Back

Free trade

Front

The system of economic interaction among the world's countries

Back

Global economy

Front

Goods and services produced in other countries and sold domestically

Back

Imports

Front

A tax on imported goods designed to protect domestic producers from foreign competition

Back

Protective tariff

Front

The policy of erecting trade barriers to shield domestic markets from foreign competition

Back

Protectionism

Front

Which of the following is not a contributor to the dramatic increase of global trade? The use of satellite systems to communicate, The shift of trade to lighter manufactured goods, The development of more advanced jet planes, The decrease in demand for agricultural goods

Back

The decrease in demand for agricultural goods

Front

When a country can produce a good or service at a lower opportunity cost than its competitors can, it has

Back

A comparative advantage