Nation X Is Taking Actions That Nation Y Finds Objectionable. What Cour Of Actions, Short Of War, Could Nation Y Do To Impact Nation X'S Economy? What Is The Difference Between Comparative And Absolute Advantage? Give An Example Of Comparative Advantage. Give An Example Of Absolute Advantage. Exports - Imports = Nations Depend Upon Each Other For Necessities. Give An Example Of An Import The Us Requires And From Whom It Imports It From. Do The Same With Exports. What Impact Does A Tariff Have On The Price Of A Good? What Are The Advantages And Disadvantages Of Nafta? What Tools Could We Put In Place To Protect Domestic Manufacturing? Why Might Businesses Outsource Jobs From The U.S. To The Third World? Terms To Define: Import Export Tariff Protectionism Nafta Free Trade Balance Of Trade Absolute Advantage Comparative Advantage Embargo Domestic Business Foreign Business Trade Barrier

Economic Sanctions

Actions taken by a country to restrict trade and economic activity with another nation to influence its behavior.

Trade Restrictions

Limitations imposed by a government on the amount or type of goods that can be traded.

Diplomatic Pressure

Efforts by a nation to influence another country's decisions through negotiations and political means.

Comparative Advantage

The ability to produce a good at a lower opportunity cost compared to another producer.

Absolute Advantage

The ability to produce more of a good using the same amount of resources than another producer.

Balance of Trade

The difference between the value of a country's exports and imports.

Export

Goods sent out of a country for sale in another country.

Import

Goods brought into a country from abroad for sale.

Tariff

A tax imposed on imported goods to increase their price and protect domestic industries.

Protectionism

Economic policy of shielding domestic industries from foreign competition through tariffs and other restrictions.

NAFTA

North American Free Trade Agreement aimed at reducing trade barriers between the U.S., Canada, and Mexico.

Free Trade

Trade between countries without tariffs or restrictions.

Domestic Business

A business that operates within the borders of a specific country.

Foreign Business

A business that operates outside the borders of its home country.

Trade Barrier

Any regulation or policy that restricts international trade.

Outsourcing

The practice of obtaining goods or services from an outside supplier, often to reduce costs.

Subsidies

Financial support given by the government to domestic industries to help them compete against foreign imports.

Embargo

An official ban on trade with a specific country or countries.