International

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

• Comparative Advantage
• Absolute advantage
• exports
• protectionism 

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

• Exports
• Subsidy
• Quotas
• Balance of Trade

A regional trade organization made up of European nations

• NAFTA
• EU
• ASEAN
• CARICOM

Agreement that will eliminate all tariffs and other trade barriers between Canada, Mexico, and the US

• NAFTA
• EU
• ASEAN
• CARICOM

Limit of the amount of a good that can be imported

• Subsidy
• Quota
• Exports
• Appreciation 

A good that is sent to another country for sale

• export
• import
• quota
• subsidy 

Government payments to a local supplier to reduce the supplier costs. This helps local businesses survive because it is getting direct aid from the government

• Balance of trade
• protectionism
• exchange rate
• subsidy

Measure the price of one nation’s currency in terms of another nation’s currency 

• appreciation 
• depreciation
• exchange rate
• balance of trade

 The US bans beef imports from Canada after a Mad Cow Disease outbreak there. This is an example of which type of barrier to trade?

• Standards
• Quota
• Subsidy
• Tariff

According to the law of comparative advantage, a country should 

• Specialize and export goods with the lowest production cost
• Specialize and export goods with the lowest opportunity cost
• Specialize and export goods with the lowest average cost
• Specialize and export goods with the highest opportunity cost