
Unit 4 International Trade Review

Flashcard
•
Financial Education
•
9th - 12th Grade
•
Hard
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40 questions
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1.
FLASHCARD QUESTION
Front
The principle that a country benefits from specializing in the production at which it is relatively most efficient thus uses lower opportunity costs.
Back
Law of Comparative Advantage
2.
FLASHCARD QUESTION
Front
The process by which businesses or other organizations develop international influence or start operating on an international scale
Back
Globalization
3.
FLASHCARD QUESTION
Front
Goods and services produced in one country and sold to other countries
Back
Exports
4.
FLASHCARD QUESTION
Front
Goods and services consumed in a country but which have been purchased from other countries
Back
Imports
5.
FLASHCARD QUESTION
Front
When a country's imports exceed its exports
Back
Trade Deficit
6.
FLASHCARD QUESTION
Front
When countries exports exceeds its imports
Back
Trade Surplus
7.
FLASHCARD QUESTION
Front
Government imposed limit on the quantity of a good or service that can be sold (imported) in their country
Back
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