Global Trade Crossword Puzzle
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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.
