#36 Warmup

2. a direct or indirect payment to individuals or firms, usually in the form of a cash payment from the government or a targeted tax cut
4. _______ trade: international trade left to its natural course without tariffs, quotas, or other restrictions.
6. taxes imposed by one country on goods or services imported from another country
8. when a country focuses on the production of a limited amount of goods or services to increase its efficiency
10. an acronym that stands for the total market value of final goods and services produced within a particular country in a given year
11. __________ advantage: the ability of a country to produce a particular good or service at a lower opportunity cost than its trading partners.
12. government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export
14. the theory or practice of shielding a country's domestic industries from foreign competition by taxing or restricting imports.

1. the voluntary exchange of goods or services between economic actors.
3. trade___________: when the value of a country's imports exceeds that of its exports
5. an official ban on trade between nations
7. bring (goods or services) into a country from abroad for sale.
8. trade __________: when the value of a country's exports exceeds that of its imports
9. send (goods or services) to another country for sale.
13. ___________ advantage: the ability of a country to produce a good or service more efficiently than its competitors.