Vocab.

2. This is a type of money whose value comes from the item form which it is made, often precious metals such as silver or gold.
4. the value of one currency expressed in terms of another
5. This is the legally accepted payment for goods and services.
9. This is the practice of goods being traded between countries without any (or with reduced) tariffs that might slow down trade.
11. This is a type of protectionist trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time.
14. This is the amount that money can buy.
16. This is the amount of currency that can be traded for another country's currency at any given time.
18. The paper money and coins that make up the money supply of a nation.
19. This measures the flow of payments between one country and all other countries.
20. This is a political and economic organization of 10 countries in Southeast Asia to improve economic growth
21. This is general name for the voluntary exchange of goods and or services.
23. This is financial assistance from the government to encourage the production of or the purchase of a good.
25. This is an agreement signed in 1993 to reduce tariffs between the United States, Canada, and Mexico
26. These are goods that are brought into one country from another.
27. This is the name for a category of trade barriers that a country may impose on another country or countries.

1. This occurs when the value of a currency is matched to another currency or other value, such as gold.
3. This is the ability of one country or region to specialize in producing a good that another country can produce for the purposes of trade.
6. a condition in international trade when the value of the imports into a nation is greater than the value of its exports
7. This is a tax on imported goods designed to prevent domestic companies from having to compete with foreign goods of lower price or superior quality.
8. This is the difference in the monetary value of exports and imports for a country.
10. This is the process of prohibiting commerce and trade with another country. This is often done to affect the country to change an internal policy.
12. This is a political and economic group that was formed in 1992 to encourage cooperation between the 27 member states.
13. This is any good transported from one country to another.
15. This occurs when a country exports more than it imports.
17. This is a tax on imported goods and is usually designed to protect domestic production of similar goods.
22. This is the ability of a nation or region to produce more of a certain product than another country or region.
24. This is a restriction to regulate international commerce and business.