2.0: unit two major concepts and review

a good or service purchased abroad

a good or service sold abroad

the difference between a country’s imports and exports

imports < exports

imports > exports

gross domestic product

geographic regions which facilitate international trade

the policy of imposing duties or quotas on imports in order to protect home industries from overseas competition

a tax on imports

a restriction on the quantity of goods that can enter a country

a total ban on the import of a good from a particular country

the ability of a producer to produce more of a good than another producer with the same quantity of inputs

the idea that producers should produce the goods that they are most efficient at producing

economic policy under which nations sought to increase their wealth and power by obtaining large amounts of gold and silver and by selling more goods than they bought

economic policy of non-participation in international economic and political relations

the buying and selling of goods and services

economic system under which economic decisions are made by individuals or the open market

economic system under which the government controls a country's economy

company that links buyers and sellers in different countries

partial ownership of a company