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3. period of two or more consecutive fiscal quarters of decreasing GDP
6. period of the business cycle with the lowest economic activity
7. period of the business cycle in which there is decreasing economic activity
10. occurs when a country possesses unique resources or capabilities allowing for the lowest cost of production for a product
11. state in which countries depend on each other for certain goods or services which they cannot produce efficiently for themselves; international trade
12. period of the business cycle in which there is increasing economic activity
14. fluctuations in economic activity over time; constitutes production rising then falling in a long cycle of expansion and contraction
16. French word for ‘leave alone’; economic concept opposing governmental involvement in commerce beyond what is necessary to keep an economic system running on its laws; associated with a free enterprise system
17. goods and services purchased from other countries
18. trade alliance among 28 European nations; encourages free trade among members and promotes work as a single market
20. tax on imports
21. tariff which increases price on imports to protect domestic products
23. tariff which supplies revenue for a country

1. trade agreement among Canada, the United States and Mexico; mission to diminish all trade barriers and investment restrictions between Canada, the United States and Mexico
2. measure of the number of people without jobs
4. measure of the change in the prices of wholesale goods; used to measure inflation; formerly known as the wholesale price index
5. (WTO) global coalition among many countries; headquartered in Geneva, Switzerland
8. period of business cycle in which economic activity is at its highest
9. goods and services sold to other countries
13. limits the quantity or monetary value of an import; controls the level of an import
15. occurs when a country is able to produce a product more efficiently and at a lower cost than another country
19. period of two or more consecutive fiscal quarters of increasing GDP
22. complete ban on certain products coming in or leaving the country; usually put in place for political reasons