Unit:6-Part 1- Summative Flashcard-Int.Trade and Globalization

Front

The concentration of productive efforts of individuals or business.

Back

Specialization

Front

International trade left to its natural course without tariffs, quotas, or other restrictions.

Back

Free Trade

Front

The amount by which the value of a country's exports exceeds the cost of its imports.

Back

Trade Surplus

Front

Goods and Services sold to other countries.

Back

Exports

Front

Integration and interaction of business, cultures, and government among different nations. It is driven by international trade.

Back

Globalization

Front

The ability of a person or nation to produce a good or service at a lower cost than another person or nation.

Back

Absolute Advantage

Front

An official ban on trade or other commercial activity with a particular country.

Back

Embargo

Front

A threatened penalty for disobeying a law or rule.

Back

Sanctions

Front

A government tax on imports or exports.

Back

Tariff

Front

Goods and services purchased from other countries.

Back

Imports