International Trade

Front

What is the definition of 'International Trade'?

Back

The buying and selling of goods and services between different countries

Front

Which of these is a Barrier to Trade? a Quota, Expensive Products, Cost of Living, Shark Infested Waters

Back

a Quota

Front

The EU is an example of

Back

A Trading Bloc

Front

The ability of a country to produce goods at a lower opportunity cost than another country is called

Back

Comparative advantage

Front

Tax on imported goods is known as

Back

Tariff

Front

Physical control to ban the imports of certain goods because of economics, social and politics is known as

Back

Embargo

Front

The producer that can produce the most output OR requires the least amount of inputs (resources)

Back

Absolute Advantage

Front

A good or service produced in the home country and sold in another country.

Back

export

Front

The policy of imposing duties or quotas on imports in order to protect home industries from overseas competition.

Back

protectionism

Front

The lowering or elimination of protective tariffs and other trade barriers between two or more nations.

Back

free trade