Chapter 6

3. Union the term for Europe's trading bloc
6. goods and services purchased from other countries
7. limits either the quantity or the monetary value of a product that may be imported
8. of trade difference in value between exports and imports of a nation
9. trade Involves the exchange of goods and services between nations.
10. advantage the value that a nation gains by selling the goods that it produces most efficiently
11. advantage occurs when a country has a special natural resources or talents that allow it to produce an item at the lowest cost possible
14. is a total ban on specific goods coming into and leaving a country
15. a tax on imports

1. when the government takes ownerships, and the owners, generally get nothing in return
2. large corporations that have operations in several countries
4. ventures allows companies to participate in a country's economy with a partner
5. brokers specialist who are licensed by the U.S. Treasury Department
12. goods and services sold to other countries
13. forwarders licensed by the U.S. Maritime Commission to handle export details