Unit 5 vocab

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Across
  1. 2. A trade agreement principle where a country grants another the same trade advantages
  2. 5. When a country exports more than it imports, leading to a net inflow of money
  3. 6. Companies that operate in multiple countries
  4. 8. A legal prohibition on trade, often used as a political or economic sanction
  5. 10. When a country imports more than it exports, leading to a net outflow of money
  6. 12. converting one country's currency into another for international transactions
  7. 13. A record of all economic transactions between a country and the rest of the world
  8. 15. The argument that new industries in developing countries need temporary protection
  9. 16. Goods and services produced in one country and purchased by another
Down
  1. 1. The value of the next best alternative forgone when making a choice
  2. 3. Taxes on imported goods, often used to protect domestic industries or raise revenue
  3. 4. a country can produce a good or service at a lower opportunity cost than another country
  4. 7. Individuals or countries that advocate for minimal trade barriers and free markets
  5. 9. Limits on the quantity of goods that can be imported or exported
  6. 11. Individuals or countries that advocate for trade barriers (like tariffs) to protect domestic industries
  7. 14. Goods and services produced in one country and sold to another