Unit 5 Vocabulary

3. an action imposed by the government to stop the export or import of a product completely
7. If a country exports (sells) more than it imports (buys)
10. Goods and services sold to other countries
13. business activities needed for creating, shipping, and selling goods and services across national borders
14. a tax that a government places on certain imported products
15. the value of a currency in one country compared with the value in another

1. exists when a country can produce a good or service at a lower cost than other countries
2. restrictions to free trade
4. items bought from other countries
5. If a country imports more than it exports
6. the making, buying, and selling of goods and services within a country
8. an agreement between two or more companies to share a business project.
9. the right to use a company name or business process in a specific way for a fee or royalty
11. a government-set limit on the quantity of a product that may be imported or exported within a given period
12. selling the right to use some intangible property (production process, trademark, or brand name) for a fee or royalty