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Trade Barriers
SS6E6- The student will analyze the benefits of and barriers to voluntary trade.
Term | Definition |
---|---|
Exports | the goods and services sold to other countries |
imports | the goods or services bought from other countries |
free trade | nothing hinders or gets in the way of two nations trading with each other |
trade barriers | physical barriers and/or political barriers to restrict trade because they want to produce and sell their own goods |
tariff | a tax put on goods imported from other countries |
quota | a limit on the amount of a good that can be imported into country |
embargo | when one country completely refuses to trade with another country |
specialization | When a country specializes in creating one type of product, they must trade with other countries to get the other products they need |