Chapter 33 & 34 Vocabulary

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Across
  1. 3. numerical limits on the quantity of products that a country can import
  2. 4. how a good is produced in stages
  3. 5. organization that seeks to negotiate reductions in barriers to trade and to adjudicate complaints about violations of international trade policy; successor to the General Agreement on Tariffs and Trade (GATT)
  4. 6. laws that block imports sold below the cost of production and impose tariffs that would increase the price of these imports to reflect their cost of production
  5. 8. when one country can use fewer resources to produce a good compared to another country; when a country is more productive compared to another country
  6. 12. a country that can consume more than it can produce as a result of specialization and trade
  7. 15. government policies to reduce or block imports
  8. 16. economic agreement between countries to allow free trade between members, a common external trade policy, and coordinated monetary and fiscal policies
  9. 17. economic agreement between countries to allow free trade between members
  10. 18. when production is located in countries with the lowest environmental (or other) standards, putting pressure on all countries to reduce their environmental standards
Down
  1. 1. many of the different stages of producing a good happen in different geographic locations
  2. 2. ways a nation can draw up rules, regulations, inspections, and paperwork to make it more costly or difficult to import products
  3. 7. International trade of goods within the same industry
  4. 9. taxes that governments place on imported goods
  5. 10. the argument that there are compelling national interests against depending on key imports from other nations
  6. 11. selling internationally traded goods below their cost of production
  7. 13. innovative new product or production technology which disrupts the status quo in a market, leading the innovators to earn more income and profits and the other firms to lose income and profits, unless they can come up with their own innovations
  8. 14. economic agreement between countries to allow free trade in goods, services, labor, and financial capital between members while having a common external trade policy