Trade Vocabulary

Goods and services shipped into a country are known as: 

• Entering
• Exports
• Imports
• Exiting

A benefit given by a government to an industry to make them more competitive.  It lowers their cost to produce something, potentially increasing their profit is a...

• Trade
• Financial Aid
• Financial Support
• Subsidy

A limited number of a certain product that is allowed to be imported from another nation is a...

• Requirement
• Quota
• Amount
• Law

The ability to produce something using fewer resources than other producers is called having the...

• Absolute Advantage
• Comparative Advantage
• Better Advantage
• Competitive Advantage

An economic policy aimed at limiting the number of imports from other countries to try to aid businesses within a country by taxing or placing a quota is called...

• Subsidy
• Caring
• Support
• Protectionism

The ability to produce something at a lower opportunity cost than other producers is having the...

• Absolute Advantage
• Solitary Advantage
• Comparative Advantage
• Complete Advantage

Sending goods and services to another country are called...

• Imports
• Exiting
• Exports
• Entering

A tax placed on imports

• Tax
• Tea
• Tariff
• Fee