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Chapter 10

balance of paymentsThe difference between the total amount of money that flows into a country and the money that flows out of a country for investments, tourism, and nontrade items
balance of tradeThe difference between a country's total exports and total imports of merchandise
domestic tradeThe buying and selling of goods and services among people and businesses within the same country
embargoStopping the importing and exporting of a certain product or service
exportsGoods and servies sold to another country
importsGoods and services bought from another country
quotaA limit on the quanity of a product that may be imported or exported within a given period of time
rate of exchangeThe value of the money of one country expressed in terms of the money of another country
tariffA tax that a government places on certain imported products
world, foreign, or international tradeTrade among different countries
Multinational company or corporation (MNC)An organization that conducts business in several countries.

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