Trade & Development
The raw materials necessary for the production of consumer goods, or these.
What are natural resources?
These are goods or services that one country buys from another country, whereas these are goods or services that one country produces and then sells to other countries.
What are imports and exports?
This is the idea that national economies benefit from the production of goods & services where they have a comparative advantage in the supply of those goods and services.
What is the Law of Comparative Advantage?
This is the practice of shielding a country’s domestic industries from foreign competition by taxing imports, whereas this is the practice of international trade that is left to its natural course without tariffs, quotas, or other restrictions.
What is protectionism and free trade?
Import quotas, tariffs, and government licensing fees are examples of these.
What are trade barriers?