1.
difference between money paid to and money received from other nations in trade; balance on current accounts includes goods and services, but merchandise trade balance counts only goods
2.
countrys ability to produce a given product relatively more efficiently than another country; production at a lower opportunity cost
3.
group of countries that have agreed to reduce trade barriers and have uniform tariffs for nonmembers
4.
nonindustrial nations marked by extremely low gross national product, high poverty rate, and economic instability
5.
government order prohibiting the movements of goods to a country
6.
the goods and services that a nation produces and then sells to other nations
7.
system under which the values of currencies are fixed in relation to another; the exchange rate system in effect until 1971
8.
system that relies on supply and demand to determine the value of one currency in terms of another; exchange rate system in effect since 1971
9.
people who favor fewer or no trade restrictions
10.
the goods and services that a nation buys from other nations
11.
arguement that new and emerging industries should be protected from foreign competition until they are strong enough to compete
12.
trade law allowing a third country to enjoy the same tariff reductions the United States negotiates with another country
13.
corporation producing and selling without regard to national boundaries and whose business activities are located in several different countries
14.
cost of the next best alternative use of money, time, or resources, when one choice is made rather than another
15.
hiring outside firms to perform non-core operations to lower the operating costs
16.
people who want to protect domestic producers against foreign competition with tariffs, quotas, and other trade barriers
17.
tax on an imported product designed to protect less efficient domestic producers
18.
limit on the amount of a good that is allowed into a country
19.
tax placed on imported goods to raise revenue
20.
tax placed on an imported product
21.
balance of payments outcome when spending on imports exceeds revenues received from exports
22.
situation occurring when the value of a nation's exports exceeds the value of its imports
