Imports, Exports and Tariffs

A type of economic policy that attempt to protect businesses in a country from foreign competition, usually by putting tariffs on goods from other countries to make them more expensive

• Free trade

• Protectionism

• Interdependence

• Specialization

When one country completely stops trading with another country. Usually used as a punishment/protest against that country

• Tariff

• Quota

• Embargo

• Subsidy

A balance of trade in which a country exports more goods than they import

• Trade Deficit

• Quota

• Trade Surplus

• Tariff

A balance of trade in which a country imports more goods than they export

• Trade Deficit

• Quota

• Trade Surplus

• Tariff

This is a trade barrier that limits the number of imported goods from another country

• Trade Deficit

• Trade Surplus

• Quota

• Surplus

Trade Balance

• the dollar value of the final goods and services products produced in a country’s borders in a given year

• the comparison of a country’s imports vs exports

• when a business transfers work overseas, usually from a developed country to developing countries

• a country with a low GDP, low standard of living, and low wages

Protectionism

• policy that seeks to protect domestic producers by introducing trade barriers

• when imports exceed exports

• the process of the world’s economies becoming more interconnected

• the dollar value of the final goods and services products produced in a country’s borders in a given year

Tariff

• when imports exceed exports

• the comparison of a country’s imports vs exports

• the process of the world’s economies becoming more interconnected

• a tax on imports that one country imposes on another

Quota

• policy that promotes elimination of trade barriers, such as tariffs and quotas

• goods used to make a final product

• a limit on the amount of goods that one country can import from another

• when countries only produce what they are best at

Trade War

• when imports exceed exports

• when two countries impose tariffs on each other’s goods, usually to force some action

• when one country can out produce another, despite using the same amount of resources

• policy that promotes elimination of trade barriers, such as tariffs and quotas