U.S. exports are made or grown in the here and shipped for sale abroad, and imports are products made or grown abroad and sold domestically in the United States.

A(n) _______________ is a legal agreement that specifies areas in which nations will cooperate with one another.

A(n) ______________ is a tax placed on goods or services entering a particular country.

A(n) _________________ is a limitation on the amount or number of goods that may enter a country at one time, or over a period of time.

A(n) ___________________ is a government order forbidding exportation or importation of a particular product - or even all products from a specific country.

__________________ is the practice of selling a product abroad for less than the cost of production at home.

The ______________________ is the total economic value of all the products that a country exports minus the economic value of all the products that it imports.

A trade ___________ occurs when a country's imports exceed its exports, and a trade __________ occurs when exports exceed imports.

If $1USD = 15 pesos, how much would a 60 Peso cup of coffee cost in US dollars?

If $1USD = 20 pesos, how much would a 60 Peso cup of coffee cost in US dollars?

GATT or the General Agreement on Tariffs and Trade was signed in 1967 to reduce or eliminate trade barriers, such as tariffs and quotas.

________________________ advantage exists when a country can produce something that is cheaper or of higher quality than any other country.

_______________________________ advantage exits when a country can produce a good more efficiently or better than other nations.

Values are abstract ideas about what a group believes to be good, right and desirable.

A class system is a closed system of stratification in which social position is determined by the family into which a person is born, and a caste system is a form of open social stratification which means a person's birth position can be changed through achievement or luck.