International Trade Terms

2. of trade the difference between the value of the country's imports or exports for a given period
4. function of international trade whereby goods produced in one country are shipped to another country for future sale or trade
6. of living the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a certain geographic area
9. economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations
11. medium exchange for goods and services
13. rates the value a country's currency vs that of another country or economic growth
14. Monetary Fund (IMF) an organization working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment
15. Trade Organization (WTO) deals with the rules of trade between nations. Its goal is to ensure that trade flows as smoothly and predictably as possible
16. a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable

1. gradual decrease in the economic value of the capital stock of a firm, nation or entity
3. advantage an economy's ability to produce goods and services at a lower opportunity cost than that of the trade partners
5. surplus a situation in which a country sells more to other countries than it buys from other countries
7. increase of the value of an asset over time
8. an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency
10. Union (EU) international organization comprising 28 European countries and governing common economic, social, and security policies
12. advantage ability of a party to produce a greater quantity of a good, product or service than competitors
14. purchases of a goods or services by a domestic economy from a foreign economy