International Trade

The policy of erecting trade barriers to shield domestic markets from foreign competition.

• Free Trade

• Protectionism

• Trade Barriers

The process by which people and economies around the world are becoming increasingly interconnected; the integration of national economies into the global economy.

• Trade Barrier

• Globalization

• Macroeconomics

• Microeconomics

Import or Export:

(We) US buys cars from Japan

• Import

• Export

Apples grown in Georgia and shipped to Australia.

• Import
• Export

To focus on producing one thing to improve productivity is known as:

• Specialization
• International trade
• Absolute Advantage
• Supply and Demand

A tax on imported goods designed to protect domestic producers from foreign competition; a type of trade barrier.

• Protective Tariff

• Import Quota

• Trade Embargo

• VER

An international organization formed after WWII to promote international peace, security, and cooperation.

• United Nations

• World Bank

Goods and services produced in other countries (foreign producers) and sold domestically (at home)

• import

• export

• discarding

• dumping

A limit on the quantity of a good that can be imported during a specific period of time; a type of trade barrier.

• Protective Tariff

• Import Quota

• Trade Embargo

• VER

The policy of eliminating barriers to international trade allows goods and services to move more across borders.

• Free Trade

• Protectionism

• Trade Embargo