economics trade

Any action a government uses to control trade between countries

• Trade barrier
• Voluntary trade
• Free trade
• Specialization

Products brought into a country

• Currency
• Exchange rate
• Export
• Import

An extra price or tax added onto imported products

• Embargo
• Tariff
• Quota
• Exchange rate

How much one country's money is worth compared to another country's

• Exchange rate
• Interdependence
• International trade 
• Currency

The ability of one person or nation to produce more of a good than another person or nation

• Comparative Advantage
• Absolute advantage
• exports
• protectionism 

The use of trade barriers to protect a nation’s industries from foreign competition

• Balance of trade
• NAFTA
• Quotas
• Protectionism 

Exports minus imports or how many goods a county exports versus imports

• Exports
• Subsidy
• Quotas
• Balance of Trade

Limit of the amount of a good that can be imported

• Subsidy
• Quota
• Exports
• Appreciation 

An increase in the value of a currency

• apprecation
• depreciation
• quota
• subsidy

When a nation imports more than it exports, economists say it has which of the following?

• A trade surplus
• A balance of trade
• A trade deficit
• A national difference