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Terms in this set (20)
Geopolitical trading block made up of Indonesia, Malaysia, the Philippines, Singapore and Thailand.
The ability to produce more of a given product using a given amount of resources.
An increase in the value of a currency.
The ability to produce a product most efficiently given all the other products that could be produced.
A Tax on certain items purchased abroad.
A decrease in the value of a currency.
Regional trade organization made up of some European countries.
The value of a foreign nation's currency in terms of the home nation's currency.
A good that is sent to another country for sale.
Fixed Exchange Rate
A currency system in which governments try to keep the values of their currencies consistent against one and other.
Flexible Exchange Rate
A currency system that allows the exchange rate to be determined by supply and demand.
A good that is brought in from another country for sale.
International Free Trade Agreement
Results from cooperation between at least two countries to reduce trade barriers, in order to increase trade with each other.
Agreement that will eliminate all tariffs and other trade barriers between Canada, Mexico, and the United States.
The use of trade barriers to protect a nation's industries from foreign competition.
A limit on the amount of a good that can be imported.
A Tax on imported goods.
A means of preventing a foreign product or service from freely entering a nation's territory.
A cycle of increasing trade restrictions.
World Trade Organization
Organization whose goal is freer trade and lower tariffs worldwide.
THIS SET IS OFTEN IN FOLDERS WITH...
Economics Vocabulary #1
Macroeconomics Vocabulary #2
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