International Trade

Goods or services that a country sells to other nations

• Duty
• Tariff
• Export
• Import

Goods or services that a country buys from other nations.

• Duty
• Tariff
• Export
• Import

When a country has the ability to produce a product at a lower opportunity cost than another country.

• Comparative Advantage
• Favorable Advantage
• Absolute Advantage
• Positive Net Export

When a country has the ability to produce more of a product relative to another country.

• Absolute Advantage
• Favorable Balance of Favorable Balance of Trade
• Positive Net Export
• Comparative Advantage

The price of one country's currency in terms of another country's currency.

• Tariff
• Duty Tax
• Exchange Rate
• Fiscal Policy

A tax placed on imports

• Quota
• Duty Tax
• Protectionism
• Tariff

The belief in using trade barriers to discourage the importation of foreign goods.

• Tariff
• Protectionism
• Import Quota
• Export

When a nation imports more than they export, that nation has a

• Free trade agreement
• Trade surplus
• Trade deficit
• Trade free economic system

You travel out of the country and purchase a gift from Germany. Upon returning to the airport in the US, the gift goes through inspection and you are charged for bring the item back into the US.  This is an example of a

• Trade barrier
• An embargo
• A customs duty
• Comparative advantage

You travel out of the country and purchase a gift from Germany. Upon returning to the airport in the US, the gift goes through inspection and you are charged for bring the item back into the US.  This is an example of a

• Trade barrier
• An embargo
• A customs duty
• Comparative advantage