International Commerce and Trade Flashcard

Front

What does a country get from international trade?

Back

More variety of products

Front

What is a tariff?

Back

A tax on imports

Front

Who pays the tariff?

Back

The importer (buyer)

Front

Which group supports free trade between countries?

Back

WTO

Front

If a country exports more than it imports, it has a:

Back

Trade surplus

Front

What is supply?

Back

What sellers offer

Front

What is demand?

Back

What consumers want to buy

Front

If more people want a product, what happens to demand?

Back

Demand goes up

Front

If supply goes down and demand stays the same, what happens to price?

Back

Price goes up

Front

Reason for trade between countries?

Back

All of the above (Different weather, Different resources, Lower production costs)