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multinational corporation

a company that does business in many countries and has facilities and offices in many countries around the world

specialization

builds and sustains a market economy

imports

goods and services that a country buys from another country

exports

goods and services that one conuntry sells to another country

currency

another name for money

exchange rate

the price at which one currency can buy another currency

favorable exchange rate

when the value of a country's currency goes up compared to another country's

unfavorable exchange rate

when the value of a country's currency goes down compare to another country's

balance of trade

the difference in the value between how much a country imports and how much it exports

trade surplus

when a country exports more than it imports

trade deficit

when a country imports more than it exports

protectionism

the practice of putting limits on foreign trade to protect businesses at home

trade barriers

governments use to limit competition from other countries (to keep foreign trade out)

tariff

a tax placed on imports to inrease their price in the domestic market

quota

a limit placed on the quantities of a product that can be imported

embargo

when the government decides to stop an import or export of a product

free trade

no limits on trade

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