7181981
Description
Flashcards by megan murphy, updated more than 1 year ago
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Created by megan murphy
over 7 years ago
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| Question | Answer |
| INTERNATIONAL TRADE | REFERS TO THE BUYING (IMPORTING) AND SELLING (EXPORTING) OF DIFFERENT PRODUCTS BETWEEN COUNTRIES |
| IMPORTS | GOODS/SERVICES BOUGHT FROM OTHER COUNTRIES. THEY CAN BE VISIBLE OR INVISIBLE |
| EXPORTS | GOODS/SERVICES SOLD TO OTHER COUNTRIES. THEY CAN BE INVISIBLE OR VISIBLE |
| INVISIBLE IMPORTS/EXPORTS | SERVICES BOUGHT OR SOLD FROM AND TO ABROAD |
| VISIBLE IMPORTS/EXPORTS | PRODUCTS BOUGHT FROM OR SOLD TO ABROAD |
| BALANCE OF TRADE | THE DIFFERENCE BETWEEN ALL VISIBLE IMPORTS INTO AND VISIBLE EXPORTS OUT OF A COUNTRY |
| BALANCE OF PAYMENTS | THE TOTAL DIFFERENCE BETWEEN ALL THE FLOWS OF MONEY INTO AND OUT OF A COUNTRY IN A YEAR |
| FREE TRADE | OCCURS WHEN TRADE BETWEEN COUNTRIES IS NOT RESTRICTED IN ANY WAY BY BARRIERS SUCH AS TARIFFS (IMPORT TAXES) OR QUOTAS |
| PROTECTIONISM | REFERS TO BARRIERS IMPOSED BY GOVERNMENTS TO PREVENT FREE TRADE |
| TARIFFS | TAXES ON IMPORTED GOODS |
| QUOTAS | ESTABLISH A LIMIT ON THE QUANITIY OF CERTAIN GOODS THAT CAN BE IMPORTED |
| EMBARGOES | BANS PREVENTING THE IMPORTATION OR EXPORT OF SPECIFIED GOODS |
| SUBSIDIES | MONEY PAID BY THE GOVERNMENTS TO HELP FIRMS COVER THEIR OPERATING COSTS AND KEEP THEIR PRICES COMPETITIVE |
| TRADING BLOC | A GROUP OF COUNTRIES THAT AGREE TO REMOVE PROTECTIONIST BARRIERS TO FREE TRADE BETWEEN THEMSELVES. |
| GLOBALISATION | THE EMERGENCE OF THE WORLD AS ONE SINGLE INTERCONNECTED MARKETPLACE |
| TRADE MISSIONS | OCCUR WHEN A GROUP OF BUSINESS PEOPLE VISIT A FOREIGN COUNTRY TO MEET WITH POTENTIAL CUSTOMERS AND DISTRIBUTORS AND TO NEGOTIATE DEALS AND SALES |
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