Unit 4 International Economics

Front

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

Back

Absolute Advantage

Front

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

Back

Comparative Advantage

Front

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

Back

Balance of Payments

Front

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

Back

Balance of Trade

Front

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

Back

Trade Deficit

Front

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

Back

Trade Surplus

Front

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

Back

Trade Barrier

Front

A tax on imported goods.

Back

Tariff

Front

A ban on trade with a particular country.

Back

Embargo

Front

A government payment that supports a business or market.

Back

Subsidy