International Vocabulary Review

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Presentation transcript:

International Vocabulary Review

A tool used to limit trade between nations. Specialization Exchange rate Embargo Trade barrier Tariff Free trade Quota Subsidy Standard Trading bloc Absolute advantage Comparative advantage

Ban on trade, used primarily for political purposes Specialization Exchange rate Embargo Trade barrier Tariff Free trade Quota Subsidy Standard Trading bloc Absolute advantage Comparative advantage

A group of nations that come together to trade without barriers Specialization Exchange rate Embargo Trade barrier Tariff Free trade Quota Subsidy Standard Trading bloc Absolute advantage Comparative advantage

An agreement to trade with little to no barriers Specialization Exchange rate Embargo Trade barrier Tariff Free trade Quota Subsidy Standard Trading bloc Absolute advantage Comparative advantage

given the exact same resources, country A can produce more of a good than country B Specialization Exchange rate Embargo Trade barrier Tariff Free trade Quota Subsidy Standard Trading bloc Absolute advantage Comparative advantage

Regulation imposed by the government on the quality of imports Specialization Exchange rate Embargo Trade barrier Tariff Free trade Quota Subsidy Standard Trading bloc Absolute advantage Comparative advantage

Payments made by the government to domestic producers in order to induce the producer to do what the government wants Specialization Exchange rate Embargo Trade barrier Tariff Free trade Quota Subsidy Standard Trading bloc Absolute advantage Comparative advantage

A tax imposed on imports to a country Specialization Exchange rate Embargo Trade barrier Tariff Free trade Quota Subsidy Standard Trading bloc Absolute advantage Comparative advantage

A limit on the amount of goods that can be imported into a country Specialization Exchange rate Embargo Trade barrier Tariff Free trade Quota Subsidy Standard Trading bloc Absolute advantage Comparative advantage

The value of one nation’s currency in terms of another nation’s Specialization Exchange rate Embargo Trade barrier Tariff Free trade Quota Subsidy Standard Trading bloc Absolute advantage Comparative advantage

The act of focusing on one task and becoming an expert Specialization Exchange rate Embargo Trade barrier Tariff Free trade Quota Subsidy Standard Trading bloc Absolute advantage Comparative advantage

given the same resources, country B produces good X at a lower opportunity cost Specialization Exchange rate Embargo Trade barrier Tariff Free trade Quota Subsidy Standard Trading bloc Absolute advantage Comparative advantage