MS. RAGAZZO'S CLASSROOM
Economic TermsUnit 4 International Economics advantage: The ability to produce more units of a good or service than some other producer, using the same quantity of resources.Balance of trade: the difference between the exports and imports of a country Comparative advantage: The ability to produce a good or service at a lower opportunity cost than some other producer. This is the economic basis for specialization and trade.Trade deficit: when a nation imports more than they exportTrade surplus: when a nation exports more than they importEmbargoes: an official ban on trade or other commercial activity with a particular country.Free Trade: a policy by which a government does not discriminate against imports or interfere with exportsTrade Barriers: Restrictions on trade such as tariffs, quotas and regulations.Standards: rules or regulations placed on exportsSubsidies: grants given to domestic companies by the governmentTariffs: A tax on an imported good or service.Appreciate: when a currency gains value against anotherDepreciate: when one currency loses value against anotherExchange rates: The price of one nation's currency in terms of another nation's currency.Economic TermsUnit 4 International Economics advantage: The ability to produce more units of a good or service than some other producer, using the same quantity of resources.Balance of trade: the difference between the exports and imports of a country Comparative advantage: The ability to produce a good or service at a lower opportunity cost than some other producer. This is the economic basis for specialization and trade.Trade deficit: when a nation imports more than they exportTrade surplus: when a nation exports more than they importEmbargoes: an official ban on trade or other commercial activity with a particular country.Free Trade: a policy by which a government does not discriminate against imports or interfere with exportsTrade Barriers: Restrictions on trade such as tariffs, quotas and regulations.Standards: rules or regulations placed on exportsSubsidies: grants given to domestic companies by the governmentTariffs: A tax on an imported good or service.Appreciate: when a currency gains value against anotherDepreciate: when one currency loses value against anotherExchange rates: The price of one nation's currency in terms of another nation's currency ................
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