International Trade

The ___ _____ ____ ____ ____ removed all trade barriers between Canada, the United States, and Mexico.

The differnce between money paid to and money received from other nations in trade.

The cost of the next best alternative use of time, money, or resources when one choice made over another.

People who want to shield domestic producers from foreign competition with tariffs, quotas, and other trade barriers.

When a country has a(an) ____________ _______, it can produce an item at a lower opportunity cost than other countries.

Goods brought into a country

Which is not an argument for protectionism?

Which is NOT a benefit from trade?

Government order prohibiting the movement of goods to a country.

A ________________ is a limit on the amount of a good that is allowed into a country

A trade __________ exists when a country imports more than it exports

A _____ tariff is designed to limit foreign competiton to aid domestic workers.

In 1776, _______ _______ was the first to write that a country should import goods that can be made cheaper overseas.

A country that can produce at a greater output per unit of input than another country has a (an) __________ ___________.

The ___________ ____________ argument states that new businesses should be protected from foreign competiton.

Tax on imported goods