Ch. 7 & 6 - Global Marketplace

Front

When a country has special natural capabilities that allow it to produce a given commodity at a lower cost than others.

Back

Absolute Advantage

Front

The value that a nation gains by selling the goods it produces more efficiently than other goods.

Back

Comparative Advantage

Front

Involves all people who make purchases for personal use.

Back

Consumer Market

Front

Import specialist licensed by the US Treasury Dept.

Back

Customs Brokers

Front

Total ban on specific goods coming into and leaving a country

Back

Embargo

Front

A negative balance of trade – occurs when a nation imports more than it exports

Back

Trade Deficit

Front

Europe’s trading block; intended as a political, as well as an economic union.

Back

EU

Front

Goods and services sold to other countries

Back

Exports

Front

International trade agreement to promote global free trade thru the lower tariffs and the use of a common set of rules

Back

GATT

Front

Multinational agency whose purpose is to help stabilize exchange rates among the currencies of its member nations

Back

IMF