| A | B |
|---|
| Absolute Advantage | Exists when a country can produce a good or service at lower cost than other countries |
| Appreciate | Gain value |
| Association of Southeast Asian Nations (ASEAN) | Asian trading bloc that aims to encourage free trade between its 10 members |
| Balance of Payments | The difference between the amount of money that comes into a country and the amount that goes out of it |
| Comparative Advantage | The ability of an individual |
| Currency | Money of a nation |
| Depreciate | Lose value |
| Embargo | A ban on trade for a product or products |
| European Union (EU) | European trading bloc that has free trade and one currency |
| Exchange Rates | Price of one nation's currency against another |
| Exports | Goods and services sold to other countries |
| Free Trade | Open trade among countries without any barriers |
| Imports | Goods brought into a country |
| North American Free Trade Agreement (NAFTA) | Eliminated tariffs and other trade barriers between the USA |
| Protectionism | Government policy that limits imports |
| Quota | A limitation on imports on certain products; a set number |
| Standards | Rules / expectations set on imports |
| Subsidies | Government loans |
| Tariff | Tax on an imported good |
| Trade | When one nations sells its products to other nations |
| Trade Barriers | Taxes |
| Trade Deficit | When a country imports more than it exports |
| Trade Surplus | When a country exports more than it imports |
