Trade
country produces a produced more efficiently than other countries
Absolute Advantage
A tax on imports
tariff (import duty)
What does the WTO stand for?
World Trade Organization
Exchange of goods and services among nations.
International Trade
Import Duty
Country produces a product more efficiently than another product
Comparative Advantage
A complete halt on imports
Embargo
True or False - The US and China are both a part of the WTO
True
Imports & Exports are typically controlled by who?
Governments
The three main types of trade barriers
consumers benefit from international business due to what factors
competition (lower price, more variety, better quality, or innovation).
a set amount allowed to be imported
quota
group of countries that form an agreement that promote free trade of products and resources
Economic Community
good/service purchased from another country
import
when imports are less than exports
Trade Surplus
Difference in value between exports – imports
Balance of Trade
Tax placed on imports to keep domestic jobs and businesses safe
Protective Tariff
economic community made up of most of the European countries.
European Union
good/service sold to another country
export
Which is a more complex concept that is made up of the other: Balance of Payments or Balance of Trade
Balance of Payments
A nations exports are greater than its imports
Trade Deficit
barrier that subtly imposes unnecessarily burdensome and complex standards and requirements
Bureaucratic red tape
The WTO rules on the "playbook" established in what set of rules?
GATT
Idea of focusing on a small amount of products to maximize a national economy
Specialization
Which country has an absolute advantage in Coffee?
Brazil