Econ Unit 5 Key Terms

When a country buys goods from another country with the intention to resell those goods.

• Export

• Tariff

• Import

• Free-trade zone

When a country sells goods to another country.

• Import

• Export

• Tariff

• Free-trade zone

A country using its own resources to produce all its goods and services, instead of trading with other countries.

• Self-sufficiency

• Comparative advantage

• Protectionism

• Globalization

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

• Tariff

• Free-trade zone

• Trade barrier

• Economic sanctions

A tax on imported goods.

• Export

• Tariff

• Economic sanction

• Import

A region where a group of countries agrees to reduce or eliminate trade barriers.

• Free-trade zone

• Protectionism

• Economic sanctions

• Globalization

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

• Self-sufficiency

• Globalization

• Protectionism

• Economic sanctions

Refers to how trade and technology have made the world into a more interconnected and interdependent place.

• Protectionism

• Self-sufficiency

• Free-trade zone

• Globalization

Withdrawal of customary trade and financial relations for foreign- and security-policy purposes.

• Economic sanctions

• Comparative advantage

• Protectionism

• Self-sufficiency

The economy's ability to produce goods and services at a lower opportunity cost than that of trade partners.

• Self-sufficiency

• Comparative advantage

• Protectionism

• Economic sanctions