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SEM2 1.05
Explain international trade considerations for sport/event industries
Tariff | A tax on imports |
Embargoes | A total ban on specific goods coming into and leaving a country |
Quotas | A limit on either the quantity or monetary value of a product that may be imported |
Trade Restrictions | A restriction placed on the trade of goods/services between countries |
Exchange Rates | The price of one country's currency expressed in another country's currency |
Input | Resources used to reach a desired output |
Output | Quantity of goods or services produced in a given time by a country |
Globalization | The process of selling the same product and using the same product and using the same promotion methods in all countries |
Industrialization | The changeover from producing goods by hand labor to the use of machines and the organization of each production into industries |