The Global Economy

3. Whenever the value of the products it imports exceeds the value of the products it exports.
5. A tax placed on imports.
6. Policies that permit inexpensive imports and exports, without tariffs or other trade barriers.
14. Whenever the value of the products it imports exceeds the value of the products it exports.
15. Government policies which place restrictions on international trade, put into place primarily to protect a nation’s home economy.
16. The movement toward a more integrated and interdependent world economy.
17. The goods and services that the country buys from other countries.
18. contractual arrangements between two or more countries concerning the obligations and protections of their trade relationships.

1. Different currencies used to facilitate international trade
2. An international agency, enforces trade agreements signed under GATT and settles trade disputes between nations.
4. when a country can produce a product more efficiently than another country can.
7. Rate at which one currency will be exchanged for another currency
8. Greater World Output, Increased Political Stability and Faster Economic Growth
9. The goods and services that it produces and sells to other nations.
10. The ability to produce a product relatively more efficiently, or at a lower opportunity cost than another country.
11. A limit placed on the quantities of a product that can be imported.
12. Non-industrial nations marked by extremely low gross national product (GNP), high poverty rates, and economic instability.
13. signed in 1947, annagreement to extend tariff concessions and do away with quotas.