International Trade Economics

Front

Export means: buying goods from another country, selling goods to another country, only making one kind of product

Back

selling goods to another country

Front

Import means

Back

buying goods from another country

Front

To focus on producing one thing to improve productivity is known as:

Back

Specialization

Front

When determining comparative advantage one must determine

Back

Opportunity cost

Front

If I am better at all types of production, I have the ______ in all forms of production.

Back

Absolute advantage

Front

A trade agreement between 27 countries with the same currency and open trade between those nations.

Back

EU

Front

A trade agreement between Canada, Mexico, and the US

Back

NAFTA

Front

This trade barrier limits the number of products that can be brought into a country.

Back

Quota

Front

This is a tax on imports that is used to increase price of foreign products and raise government revenue.

Back

tariff

Front

This is the most restrictive of the trade restrictions a nation can use to close off all importation of a product.

Back

embargo