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.
Imports Exports Globalization Hyperglobalization Ricardian model of international trade Autarky Factor intensity Heckscher-Ohlin model Domestic demand curve Domestic supply curve World price Exporting industries Import-competing industries Free trade Trade protection Protection Tariff Import quota International trade agreements North American Free Trade Agreement (NAFTA) European Union (EU) World Trade Organization (WTO) Offshore outsourcing | the phenomenon of extremely high levels of international trade. goods and services purchased from other countries. 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. an international organization of member countries that oversees international trade agreements and rules on disputes between countries over those agreements. industries that produce goods and services that are sold abroad. a model that analyzes international trade under the assumption that opportunity costs are constant. a trade agreement among the United States, Canada, and Mexico. 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 labor than do producers of auto seats. goods and services sold to other countries. the practice in which businesses hire people in another country to perform various tasks. the price at which a good can be bought or sold abroad. industries that produce goods and services that are also imported. 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. a tax levied on imports. a legal limit on the quantity of a good that can be imported. a supply curve that shows how the quantity of a good supplied by domestic producers depends on the price of that good. a customs union among 28 European nations. treaties by which countries agree to lower trade protections against one another. the phenomenon of growing economic linkages among countries. a situation in which a country does not trade with other countries. an alternative term for trade protection; policies that limit imports. policies that limit imports. a demand curve that shows how the quantity of a good demanded by domestic consumers depends on the price of that good. |