Unit 4 International Economics

The ability to produce more of a given product using a given amount of a resource.

• Absolute Advantage

• Comparative Advantage

• Positive Advantage

• Negative Advantage

The ability to produce a product most efficiently given all the other products that could be produced.

• Absolute Advantage

• Comparative Advantage

• Positive Advantage

• Negative Advantage

The value of all monetary transactions between a country's economy and the rest of the world.

• Balance of Trade

• Trade Deficit

• Balance of Payments

• Trade Surplus

The relationship between the value of a country's exports and the value of its imports.

• Trade Deficit

• Trade Surplus

• Balance of Trade

• Balance of Payments

A situation in which a nation imports more goods and services than it exports.

• Balance of Trade

• Balance of Payments

• Trade Surplus

• Trade Deficit

A situation in which a nation exports more goods and services than it imports.

• Balance of Payments

• Trade Surplus

• Trade Deficit

• Balance of Trade

A means of preventing a foreign product of service from freely entering a nation's territory.

• Trade War

• Trade Off

• Trade Association

• Trade Barrier

A tax on imported goods.

• Embargo

• Subsidy

• Tariff

• Quota

A ban on trade with a particular country.

• Subsidy

• Embargo

• Tariff

• Quota

A government payment that supports a business or market.

• Tariff

• Standards

• Embargo

• Subsidy