chapter 6 Flashcards
Import
the goods a country brings in from different nations.
Export
the goods a country sells or trades with another country
Comparative advantage
the ability to produce something at a lower opportunity cost than another country can
Tariff
tax on imports
Protectionism
use of tactics that make imported goods more expensive that domestic goods
Quota
a limit placed on the amount of a particular good that enters a country
Subsidy
a payment or other benefit given by the government to help a domestic producer.
natural boundaries
boundaries that follow the features of a landscape
cultural boundaries
Borders that are based on culture traits such as religion or language
geometric boundaries
boundaries that follow regular, geometric papers
nationalism
feeling pride and loyalty for ones country country or culture group
totalitarian governments
when one person or a small group of people governs a whole country
democracy
countries where all citizens have a voice in their country
tariffs
taxes on imports and exports
quotas
limits to the amount of a product that can be imported