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Definition
ability of a person or nation to produce a particular good at a lower absolute cost than that of another person or nation |
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asian pacific economic cooperation |
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Definition
an organization of 18 asian nation that attempts to reduce trade barriers between their nations |
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centrally planned economy |
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Definition
an economy in which government bureaucracy decides how much of each good to produce, how to produce the goods, and how to allocate the products among consumers |
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Definition
ability of 1 person or nation to produce a good at an opportunity cost that is lower than the opportunity cost of another nation |
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Definition
organization of european nations that has reduced trade barriers within europe |
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Definition
rate at which once currency trades for another in the market |
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Definition
good produced in the “home” country and sold in another country |
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general agreement of tariffs and trade |
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Definition
international agreement that has lowered trade barriers between the u.s. and other nations |
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Definition
good produced in a foreign country and purchased by residents of the “home” country |
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Definition
system under which individuals and firms use markets to facilitate the exchange of money and products |
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Definition
economic system under which government plays an important role, including the regulation of markets, where most economic decisions are made |
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north american free trade agreement |
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Definition
international agreement that lowers barriers to trade between u.s.,mexico,and canada 1994 |
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Definition
absolute limit on the volume of a particular good that can be imported into a country |
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Definition
a tax on an imported good |
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Definition
rules that restrict the free flow of goods between nations,including tariffs,quotas,voluntary export restraints,and non-tariff trade barriers |
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Term
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Definition
an organization that oversees g.a.t.t. and other international trade agreements |
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