business 100 chapter 3 part 1

the ability to produce a specific product more efficently that any other nation

the ability to produce a specific product more efficently than any other product

the totl value of its exports minus the total value of its imports over some period of time

a negative balance of trade

the total flow of money into a country minus the total flow of money out of that country over some period of time

a tax levied on a particular foreign product entering a country

exportation of a large quantities of a product at a price lower than that of the same product in the home market

a nontax measure imposed by a government to favor domestic over foreign suppliers

a limit on the amount of a particular good that may be imported into a country during a given period of time

a complete halt to trading with a particular nation or in a particular product

a restriction on the amount of a particular foreign currency that can be purchased or sold

the reduction of the value of a nations currency relative to the currencies of other countries

to equalize a nations balance of payments, to protect new or weak industries, national security, the health of citizens, and to also protect domestic jobs

higher prices for consumers, restriction of consumers choices, misallocation of international resources, loss of jobs

an international organization of 153 nations dedicated to reducing or eliminating terrifs and other barriers to world trade

established in the uruguay rounds; powerful succesor to GATT that incorporates trade in goods, services, and ideas

an organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies

a contractual agreement in which one firm permits another to produce and market its products and use its brand name in return for a royalty or other compensation

issued by a bank on request of an importer stating that the bank will pay an amount of money to a slated benificiary

documents issued by a transport carrier to an exporter toprove that merchandise has been shipped