Global Economy
Interconnected economies of the nations of the world.
International trade
Also known as world trade--exchange of goods and services across international boundaries.
Multinational Corporation
A company that does business in many countries and has facilities and offices around the world.
Imports
Goods and services that one country buys from another.
Comparative Advantage
The ability of a country or company to produce a particular good more efficiently than another country or company.
Exchange Rate
Value of money between countries.
Balance of Trade
Difference in value between a country's imports and exports over a period of time.
Protectionism
Practice of the government to put limits on foreign trade to protect businesses at home.
Exports
Goods and services that one country sells to another.
Free trade
When there are few or no limits on trade between countries.
Specific
Focus on a specific activity.
Restrict
Prevent an activity from happening.
Vehicles
Method of transportation or an idea or concept.
Tariff
A tax placed on imports to increase their price in the domestic market.
Currency
Another name for money.
Disputes
Disagreements
Sustains
To maintain--status quo.
Controversy
Disputes or disagreements
Quota
Limit placed on the quantities to be produced.
Professionals
A person who performs an activity in a professional manner.
Cooperate
Working together.
Trade
The activity of buying and selling goods and services in domestic or international markets.
Embargo
A ban on the import or export of a product.
Domestic Trade
Production, purchase of goods and services within a country.