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10 terms

econ. 2

STUDY
PLAY
tariff
a tax on imported goods
trade barrier
a means of preventing a foreign product or service from freely entering a nation's territory
exchange rate
the price of one nation's currency in terms of another nation's currency
trade deficit
When a country imports more than it exports.
trade surplus
when a country exports more than it imports
import quota
a limit on the amount of a good that can be imported
absolute advantage
the ability to produce more of a given product using a given amount of resources
comparative advantage
ability to produce a good at a lower opportunity cost than another producer
import
commodities (goods or services) bought from a foreign country
export
commodities (goods or services) sold to a foreign country