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13 terms

Economics Quiz 2

STUDY
PLAY
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