Notgrass Exploring Economics Unit 8 Review

an effort to help families/companies in less-developed countries compete in the world economy

import tariffs, fuel expenses, business taxes, costs of complying with regulations

the situation in which one person/country can produce goods with a smaller input of resources

concentrating on one kind of work

An order forbidding citizens from trading with another country

the difference between a country's imports and exports

more imports than exports

Normal Trade Relations

purchases between countries

when one producer has a smaller opportunity cost compared to another producer

the price of one country's currency expressed in terms of another country's currency

the rate at which you can exchange one currency for another

more exports than imports

Goods/services produced in other countries and then purchased & brought to a different country

a tax placed on goods that businesses import into a country

a term used for taking advantage of price difference

Goods and services that producers create within a country & then sell/send to people, companies

government payments to industries that have to compete in a world market where prices are lower

To protect domestic industries from perceived unfair competition from foreign industries

North America Free Trade Agreement