2.0: unit two major concepts and review

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20 Terms

1

import

a good or service purchased abroad

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2

export

a good or service sold abroad

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3

trade balance

the difference between a country’s imports and exports

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4

trade surplus

imports < exports

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5

trade deficit

imports > exports

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6

GDP

gross domestic product

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7

free trade areas

geographic regions which facilitate international trade

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8

protectionism

the policy of imposing duties or quotas on imports in order to protect home industries from overseas competition

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9

tariff

a tax on imports

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10

quota

a restriction on the quantity of goods that can enter a country

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11

embargo

a total ban on the import of a good from a particular country

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12

absolute advantage

the ability of a producer to produce more of a good than another producer with the same quantity of inputs

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13

comparative advantage

the idea that producers should produce the goods that they are most efficient at producing

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14

mercantilism

economic policy under which nations sought to increase their wealth and power by obtaining large amounts of gold and silver and by selling more goods than they bought

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15

isolationism

economic policy of non-participation in international economic and political relations

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16

commerce

the buying and selling of goods and services

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17

market economy

economic system under which economic decisions are made by individuals or the open market

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18

command economy

economic system under which the government controls a country's economy

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19

trade company

company that links buyers and sellers in different countries

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20

stock

partial ownership of a company

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