Economics Quiz 2

Created by pinzer 

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13 terms

Absolute Advantage

produce more of a product

Comparative Advantage

produce at a lower opportunity cost

Fixed Exchange Rate

doesn't change rates

Quotas

limits on the number of a certain item tha tcan be imported

Exports

goods sold

Imports

goods bought

Embargoes

restriction of import/export to a country

Free Trade

open business compoetition without restrictions

NAFTA

Removes tariffs,quotas, other battiers for North America. Stands for NOrth American Free Trade Agreement

GATT

Worldwide. 80+ members. General Agreement on Tarriffs and Trade

Specialization

Focusing on producing only a few products

Barriers to International Trade

Tariffs, quotas, embargoes

Why People Restrict Trade

Protect domestic jobs, infant industries, and national security

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