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World Trade

Definition
world trade The exchange of resources, goods, and services across international borders.
globalization The condition that exists when countries rely on each other for ideas, goods, services, and markets.
producers People and firms that use resources to make goods and services.
consumers People who use goods and services to satisfy their personal needs.
supply How much of something is available.
demand How much of something people want.
export Selling resources or goods to other countries.
import Buying resources or goods from other countries.
balance of trade The difference between the value of exports and the value of imports in a country's economy.
trade surplus Situation that occurs when the value of a country's exports is higher than the value of its imports.
trade deficit Situation that occurs when the value of a country's exports is lower than the value of its imports.
trade barrier Any regulation or policy that restricts international trade.
tariff Tax added to the price of goods that are imported.
quota A limit on how many items of a particular product can be imported from a certain nation.
subsidy Special payment made by a government to support a particular group or industry.
standard The acceptable requirements products must meet in order to be traded designed to protect the citizens of a nation.
trade sanction The step taken to cut off trade with a country to show opposition to its government's actions.
embargo a total ban on trade with a particular country.
free trade the removal of trade restrictions so goods flow freely among countries.
outsourcing Hiring workers in other countries to do a set of jobs usually for less money.
Created by: mharris_mms
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