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Related Flashcards
Related Topics
Cards In This Set
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Globalization
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Process by which the world economy is becoming a single independent system
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Import
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Product made or grown abroad but sold domestically
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Export
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Product made or grown domestically but shipped and sold abroad
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North American Free Trade Agreement (NAFTA)
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Agreement to gradually eliminate tariffs and other trade barriers amonth the United States, Canada, and Mexico
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European Union (EU)
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Organization for economic, social, and security cooperation among European nations
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Association of Southeast Asian Nations (ASEAN)
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Organization for economic, political, social, and cultural cooperation among Southeast Asian nations
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General Agreement on Tariffs and Trade (GATT)
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International trade agreement to encourage the miltilateral reduction or elimination of trade barriers
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World Trade Organization (WTO)
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Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices
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Balance of Trade
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Economic value of all products a country exports minus the economic value of all products it imports
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Trade Deficit
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Situation in which a country's imports exceed its exports, creating a negative balance of trade
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Trade Surplus
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Situation in which a country's exports exceed its imports, creating a positive balance of trade
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Balance of Payments
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The flow of all money into or out of a country
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Exchange Rate
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Rate at which the currency of one nation can be exchanged for the currency of another nation
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Euro
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A common currency shared among most of the members of the European Union (excluding Denmark, Sweden, and the United Kingdom)
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Absolute Advantage
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The ability to produce something more efficiently than any other country
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