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Trade Barriers

SS6E6- The student will analyze the benefits of and barriers to voluntary trade.

TermDefinition
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
Created by: eforehand