Global Trade Crossword Puzzle

QUESTIONS LIST:

• absolute advantage: when a country can produce a good more efficiently than another country.
• comparative advantage: the ability of a country to produce a good at a lower opportunity cost than another country.
• export: a good or service produced domestically and sold to buyers in another country.
• import: a good or service purchased from a seller in another country.
• opportunity cost: the value of the next best alternative foregone when making a choice.
• trade intensity: measure of the relative importance of international trade within an economy.
• free trade: removal of barriers to allow goods and services to move freely across borders.
• free trade agreement : an agreement between two or more countries to reduce or eliminate trade barriers.
• protectionism: the restriction of trade between countries using measures like tariffs or quotas.
• tariff: a tax imposed on imported goods.
• subsidy: a government payment to a domestic producer.