Doing Business in a Global Market

_______ _______ states that a country should sell to other countries those products that it produces most effectively and efficiently and should buy from other countries those products that it cannot produce as effectively or efficiently.

_______ _______ is the advantage that exists when a country is able to produce a specific product more efficiently than all other countries

A nation’s_______________ ______ _______________is the difference in value between its exports and imports.

What was the last year that the balance of trade was a positive number for the United States?

This country left the European Union in January, 2020?

An __________is a tax levied by a nation on goods imported into the country

An ________prohibits trade in a particular product.

President Obama reestablish diplomatic and trade relations with (this country) _______ ending the embargo the U.S. had with them since 1962?

Pepsi expanded into China, using the slogan, "Pepsi brings you back to life." The phrase translated to “Pepsi brings your ancestors back from the grave.” This is an example of a _______ barrier.

This trade agreement _______ has been a source of controversy since it was first enacted