Terms : Hide Images
| 508467740 | multinational corporations | companies that operate across national boundaries: also called transitional corporations | |
| 508467741 | comparative advantage | lower domestic opportunity cost for a good | |
| 508467742 | terms of trade | the ratio at which a country can trade its exports for imports from other countries | |
| 508467743 | foreign exchange market | The market in which the currencies of different countries are bought and sold. | |
| 508467744 | exchange rates | the rate of exchange of one nation's currency for another nation's currency | |
| 508467745 | depreciation | a decrease in price or value | |
| 508467746 | appreciation | an increase in price or value | |
| 508467747 | protective tariffs | A tariff designed to shield domestic producers of a good or service from the competition of foreign producers | |
| 508467748 | import quotas | a limit imposed by a nation on the quantity (or total value) of a good that may be imported during some period of time | |
| 508467749 | nontariff barriers | nontax methods of increasing the cost or reducing the volume of imported goods | |
| 508467750 | export subsidies | government payments made to domestic firms to encourage exports | |
| 508467751 | smoot-hawley tariff act | legislation passed in 1930 that established very high tariffs. its objective was to reduce imports and stimulate the domestic economy, but it resulted only in retaliatory tariffs by other nations | |
| 508467752 | reciprocal trade agreements act | 1934 activated low-tariff policies; for relief & recovery; boosted American trade; amended Hawley-Smoot by lowering rates 50% provided that others do the same | |
| 508467753 | most-favored-nation clauses | an agreement by the United States to allow some other nation's exports into the United States at the lowest tariff level levied by the United States | |
| 508467754 | general agreement of tariffs and trade (GATT) | the international agreement reached in 1947 in which 23 nations agreed to give equal and nondiscriminatory treatment to one another, to reduce tariff rates by multinational negotiations, and to eliminate import quotas; it now includes most nations and has become the World Trade Organization | |
| 508467755 | world trade organization | an international organization based in Geneva that monitors and enforces rules governing global trade | |
| 508467756 | doha round | The latest sequence of trade negotiations by members of the WTO; named after Doha, Qatar, where the set of negotiations began | |
| 508467757 | european union | an international organization of European countries formed after World War II to reduce trade barriers and increase cooperation among its members | |
| 508467758 | trade bloc | A group of countries that work together to promote trade with each other | |
| 508467759 | euro | the basic monetary unit of most members of the European Union (introduced in 1999) | |
| 508467760 | north american free trade agreement | NAFTA an alliance that merges canada, mexico and the united states into a single market |
