Match each of the terms on the left with its definition on the right. Click on the term first and then click on the matching definition. As you match them correctly they will move to the bottom of the activity.
Autarky International trade agreements Free trade Domestic supply curve Tariff North American Free Trade Agreement (NAFTA) Imports Protection Import-competing industries Globalization Factor intensity Trade protection Heckscher–Ohlin model Ricardian model of international trade Exporting industries World price Import quota Exports World Trade Organization (WTO) Domestic demand curve Offshore outsourcing | trade that is unregulated by government tariffs or other artificial barriers; the levels of exports and imports occur naturally, as a result of supply and demand. an alternative term for trade protection; policies that limit imports. a trade agreement among the United States, Canada, and Mexico. an international organization of member countries that oversees international trade agreements and rules on disputes between countries over those agreements. goods and services purchased from other countries. policies that limit imports. a model of international trade in which a country has a comparative advantage in a good whose production is intensive in the factors that are abundantly available in that country. the phenomenon of growing economic linkages among countries. a legal limit on the quantity of a good that can be imported. goods and services sold to other countries. a situation in which a country does not trade with other countries. a tax levied on imports. a model that analyzes international trade under the assumption that opportunity costs are constant. industries that produce goods and services that are sold abroad. treaties in which a country promises to engage in less trade protection against the exports of other countries in return for a promise by other countries to do the same for its own exports the price at which a good can be bought or sold abroad. industries that produce goods and services that are also imported. the practice in which businesses hire people in another country to perform various tasks. a demand curve that shows how the quantity of a good demanded by domestic consumers depends on the price of that good. a supply curve that shows how the quantity of a good supplied by domestic producers depends on the price of that good. the difference in the ratio of factors used to produce a good in various industries. For example, oil refining is capital-intensive compared to auto seat production because oil refiners use a higher ratio of capital to labour than do producers of auto seats. |