| A | B |
|---|
| global economy | the interconnected ecomonies of the nations of the world |
| international trade | involves the exchange of goods and services between nations |
| multinational corporation | company that does business in many countries and has facilities around the world |
| Trade | skilled occupation |
| Imports | goods and aservices that one country buys from another country |
| Exports | goods and services that one country sells to another country |
| Balance of Trade | difference in value between a countrys imports and a countries exports |
| Comparative Advantage | ability of a country to produce a particular good more efficently |
| Exchange rate | the price at which one currency can buy another currency |
| Protectionism | practice of the governament putting limits on foreign trade to protect businesses at home |
| tariff | is a tax placed on importsd to increase their price in domestic market |
| quota | is the limit placed on the quanities of a product that can be imported |
| embargo | is a ban on the import or export of a product |
| Free trade | occurs when there are few or no limits on trade between nations |
