Globalization Vocabulary

2. Organization of independent European nations with no trade barriers among the nations; use the
4. Measure such as withholding economic aid used to influence a foreign government’s actions
6. a country whose average per capita income is only a fraction of that in more industrialized countries
10. An international body that oversees trade among nation
14. To sell goods to other countries
15. A good purchased from one country by another
16. Situation in which government spends more than it collects in revenues

1. An international organization that offers financial and technical assistance to developing countries
3. The ability of a country to produce a good at a lower opportunity cost than another country can
5. government restrictions on the amounts of goods imported into a country
7. Situation in which nation’s exports are greater than its imports
8. When businesses or nations concentrate on goods they can produce better than anyone else
9. An agreement among a group of nations that prohibits them all from trading with a target nation
11. a tax on an imported good
12. Trade agreement to eliminate all barriers to trade among Canada, the US and Mexico
13. International organization that works to foster global growth and economic stability;