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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
Created by: Emmenia
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