Unit 4: International Trade and Globalization

Front

international trade

Back

The exchange of goods and services among nations

Front

Which term describes the ability of a country to produce a good at a lower opportunity cost than another producer?

Back

Comparative advantage

Front

What is a tariff?

Back

A tax on imported goods

Front

protectionism

Back

An economic policy of shielding an economy from imports

Front

What was the NAFTA replaced by in 2018?

Back

USMCA (United States-Mexico-Canada Agreement)

Front

trade surplus

Back

When a country exports more than it imports

Front

What are the typical outcomes of implementing tariffs?

Back

Prices rise, and quantity supplied falls

Front

What is the primary effect of globalization?

Back

The world becoming more interconnected because of trade and technology

Front

What does "automation" refer to in a manufacturing context?

Back

Use of largely automatic equipment in manufacturing

Front

Creative Destruction

Back

The creation of a new product causes loss of jobs and companies in the old product