Column A Column B
1.
Specialization
a. When two or more countries make an agreement that
eliminates all barriers to trade between them
2.
Absolute Advantage
b. official permission to trade in a country
3.
Comparative Advantage
c. a tax on imported goods
4
Natural Resource Advantage
5.
Quota
d. country's ability to provide the following products:
diamonds, oil, bananas, natural gas & other resources
e. sets a maximum amount of a product for import
6.
Tariff
7
e
Regulation
8.
h
License
f. country's ability to produce a given product relatively
more efficiently than another country; production at a
lower opportunity cost
g. the complete refusal to import a good or even all goods
from a particular country
h. A law for safety and quality standard
9.
Embargo
10.
d
Free Trade
1. country's ability to produce a given product more
efficiently than can another country
j
assignment of tasks to the workers, factories, regions, or
nations that can perform them most efficiently