Economics Vocab

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Across
  1. 2. organization that seeks to negotiate reductions in barriers to trade and to adjudicate complaints about violations of international trade policy; successor to the General Agreement on Tariffs and Trade (GATT)
  2. 4. economic agreement between countries to allow free trade in goods, services, labor, and financial capital between members while having a common external trade policy
  3. 6. ecnomic agreement between countries to allow free trade between members
  4. 7. economic agreement between countries to allow free trade between members, a common external trade policy, and coordinated monetary and fiscal policies
  5. 11. selling internationally traded goods below their cost of production
  6. 12. Numerical limits on the quantity of products that a country can import
  7. 15. Many of the different stages of producing a good happen in different geographic locations
  8. 19. forum in which nations could come together to negotiate reductions in tariffs and other barriers to trade; the precursor to the World Trade Organization
Down
  1. 1. The argument that there are compelling national interests against depending on key imports form other nations
  2. 3. when one country can use fewer resources to produce a good compared to another country; when a country is more productive compared to another country
  3. 5. ways a nation can draw up rules, regulations, inspections, and paperwork to make it more costly or difficult to import products
  4. 8. how a good is produced in stages
  5. 9. laws that block imports sold below the cost of production and impose tariffs that would increase the price of these imports to reflect their cost of production
  6. 10. innovative new product or production technology which disrupts the status quo in a market, leading the innovators to earn more income and profits and the other firms to lose income and profits, unless they can come up with their own innovations
  7. 13. International trade of goods within the same industry
  8. 14. when production locates in countries with the lowest environmental (or other) standards, putting pressure on all countries to reduce their environmental standards
  9. 16. Taxes that governments place on imported goods
  10. 17. Government policies to reduce or block imports
  11. 18. A country that can consume more than it can produce as a result of specialization and trade