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17 terms

Global Economy

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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