Globalisation Key terms

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Across
  1. 1. An new industry that needs protection
  2. 3. Limit set on imports
  3. 6. When a country takes advantage of comparative advantage
  4. 8. Ratio of export prices to import prices
  5. 10. Tax on imports
  6. 12. Given to firms to lower production costs
  7. 14. One with a common external tariff
  8. 17. Group of countries with free trade between them
  9. 18. One where countries set their own tariffs on external members
  10. 20. International organisation that oversees fair and free trade
Down
  1. 2. Measures to remove trade barriers
  2. 4. The cost of the next best alternative foregone
  3. 5. Agreement signed by two countries on trade
  4. 7. What the WTO used to be called
  5. 9. An organisation the UK is not part of
  6. 11. His theory is that of specialisation
  7. 13. An industry in decline
  8. 14. One with free movement of people and capital
  9. 15. Investment from one country into another
  10. 16. Ricardo's theory of trade
  11. 19. A company that operates in more than one country