International Towne Vocab Review

What country is NOT a part of the North American Free Trade Agreement (NAFTA)?

An exchange of goods or services is called...

Money that is in circulation / the form of money used by a country is called...

The resource that includes MONEY, machinery, factories etc.

What happens when supply of a product cannot meet the demand?

Limits or restrictions on foreign trade?

The DESIRE for a product is called...

When a country produces only those goods and services which they can produce most efficiently.

What is it called when a product is rare, or there is a limited supply?

WTO stands for...

When a country purchases goods or services from another country and brings them into their own.

Charitable giving to human causes on a large scale is called...

The resource that includes manpower and brain power is...

When countries rely on each other due to specialization and trade, it is called...

A tax that is put on an import is called?

Buyers and sellers exchanging money, goods, or services is called...

The amount of a resource that is available is called...

Natural resources

The willingness to assume risk of producing a good or service is called...

The formula you use to convert one currency to another is called...

When a country ships goods out and sells their products or services to other countries?