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the voluntary exchange of goods or servicess between two nations
goods and services produced in a foreign country and then brought into and sold in a domestic market
goods and services produced in a domestic market and sold in a foreign country
a situation that occurs when individuals or businesses produce a narrow range of products
economic interdependence
producers in one nation depend on others to provide goods and services they dont produce
absolute advantage
the ability of one trading nation to make a product more efficiently than another trading nation
comparative advantage
a nation will specialize in what it can produce at a lower opportunity cost than any other nation
The European Union (EU)
worlds biggest trader
north american free trade agreement (Nafta)
free trade with canada, us, and mexico
organization of petroleum exporting countries (opec)
cartel formed in the 60's that attempts to control the cartel petroleum market
a group of producers that regulates the production, pricing, and marketing of a product
created after WW2 to promote world peace through trade
trade barrier
any law passed to limit free trade among nations
limits on the amount of a product that can be imported
a fee charged for goods brought into a country from another country
revenue tariff
taxes on imports specifically to raise money
protective tariff
taxes on imported goods to protect a domestic industry
Voluntary restraint
a limit on the number of goods that a country exports to avoid paying a tariff to another country
a law that cuts off most or all trade with a specific country (used for political manipulation)
informal trade barrier
an indirect barrier to trade the results from another law
purpose of a trade organization
to promote free trade on regional and world levels
developed nations
nations of the world with the highest standard of living
transitional economies
countries that have moved or are moving from a command economy to a market economy
less developed countries
countries with lower gdp's less well developed industry, and a lower standard of living
the basic set of support systemsssss needed to keep the economy going
per capita gross domestic product
a nations overall gdp divided by its total population
infant mortality rate
the number of children who die within the first year of life per 1000 births
life expectancy
the average # of years a person can expect to live
literacy rate
the percentage of people older than 15 who can read and write

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