| A | B |
|---|
| balance of payments | difference between total payments to other countries and total recipts from other countries |
| balance of trade | difference between total exports and total imports |
| foreign | from another country |
| domestic | something created in your home country |
| embargo | stopping the importing or exporting of an item |
| exchange rate | determines value of currency from another country |
| exports | goods sent to another country for sale |
| imports | goods that sometimes cost more than items made at home |
| infrastructure | a nation's transportation, communication, and utility systems |
| joint venture | an agreement between companies from different countries who share a business project |
| formal trade barrier | embargos, quotas, or tarrifs |
| informal trade barrier | restrictions to trade not based on laws |
| culture | accepted values, behaviors, and customs of a society |
| tariff | tax on an imported good |
| quota | limit on the amount of a product that can be imported or exported |
| comparative advantage | a country specializes in the good or service they are best at producing |
