| A | B |
|---|
| multinational corporation | a company that does business & has facilities in many countries around the world |
| imports | goods and services one country buys from another country |
| exports | goods and services one country sells to another country |
| exchange rate | the price at which the currency of one country can buy the currency of another country |
| balance of trade | the difference in value between how much a country imports and how much it exports |
| protectionism | limiting trade with other countries to protect businesses at home |
| tariff | a tax placed on imported products to make them more expensive than domestic products |
| quota | a limited placed on the quantities of a product that can be imported |
| embargo | a ban on the import/export of a product |
| free trade | few or no limits on trade between countries |
| comparative advantage | the ability of a country or company to produce a particular good more efficiently than another country or company |
| global economy | the interconnected economies of the nations of the world |
| international trade | the exchange of goods and services between nations |
