Chapter 10 Flashcard - Spring

Front

The global economy is the ___________ economies of the nations of the world.

Back

interconnected

Front

The development of the global economy is often called _____________.

Back

globalization

Front

The production, purchase, and sale of goods and services within a country is called __________ trade.

Back

domestic

Front

___________ trade involves the exchange of goods and services between nations.

Back

international

Front

The goods and services that China sells to other countries are China's ____________.

Back

exports

Front

A balance of trade is the difference in ________ between a country's imports and exports over a period of time.

Back

value

Front

In July 2006, U.S. exports to Mexico were worth $15 million and imports were worth $10 million. During that month, the United States had an unfavorable _________ with Mexico.

Back

balance of trade

Front

When a country exports more than it imports, it has a trade ___________.

Back

surplus

Front

When countries focus on a particular activity, area, or product it is called ____________.

Back

specialization

Front

A _________ advantage is the ability of a country to produce a particular good more efficiently than another country.

Back

comparative