vocabulary

4. union / European trading block
5. / tax on certain imported goods
6. / ability to produce more of a good than another nation can
7. / ability to produce a good or service at a lower opportunity cost than another nation can
10. / total ban of one or more products in a particular nation
12. / north american free trade agreement
13. / difference between the total amount of money coming into a nation and the total amount leaving a nation
15. trade / open trade between nations without any barriers to imports
16. deficit / situation in which a nations imports exceeds its exports
18. / direct financial aid

1. / goods and services bought from other nations
2. rate / price of one nations currency in terms of another nations currency
3. / trading block
8. / goods and services sold to other nations
9. / difference between the value of a nations exports and imports in a given year
11. / limit on the number of certain products that can be imported from another nation
14. / rules about the quality imported goods
17. / Association of Southeast Asian Nations