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Global Trade

CIE economics unit:Globalization and Trade

Embargo When one country refuses to trade with another country; an official ban on trade or other commercial activity with a particular country
Quota A limit on the amount of goods that may be brought imported a country; usually to encourage production within that country
Tarrif A tax placed on an imported good
Export Goods going out of a country
Specialization When a country produces a particular good or service
Import goods coming into a country
Import quota A limit on the amount of a good that can be imported.
Protectionism The use of trade barriers to protect domestic industries from foreign competition.
Exchange rate The value of a nation's currency in relation to your another nation's currency.
Trade surplus the result of a nation exporting more than it imports.
Explain three non-tariff ways governments might limit imports Sometimes governments will require a license to sell goods in that country, use health and safety regulations and requirements, use tariffs, or set import quotas
Free trade Trade without any restrictions (no trade barriers)
Protectionism the theory or practice of shielding a country's domestic industries from foreign competition by taxing imports or limiting international trade
Absolute advantage when a country that can produce more quantity or quality of a certain product than another country with the same resources (more efficient use of resources than another country)
Comparative advantage when a country can produce a produce at a lower opportunity cost than another country (more efficient use of resources within the same country)
World Trade Organization an intergovernmental organization that organizes the rules of international trade; coordinates tariffs and other trade policies of more than 150 member nations and mediates trade disputes between member nations
Trade surplus when a country exports more than it imports
Trade deficit when a country imports more than it exports
Why is it NOT always good to have a trade surplus or bad to have a trade deficit? if a country can buy things for cheaper than it makes them it can use its resources to make (and sell) more profitable things
Revenue tariff a tax on imported goods designed to raise money for the government; can be thought of as a charge for access to a country's citizens/customers
Protective tariff a tax on imported goods designed to "level the playing field" and ensure domestic manufacturers have a chance of competing
Strong currency / Strong Dollar When a nation's currency is worth more of another nation's currency than it used to be worth (or than it is worth on average)
Weak currency / Weak Dollar When a nation's currency is worth less of another nation's currency than it used to be worth (or than it is worth on average)
Fixed exchange rate When a nation's currency is always a certain percentage of another nation's currency (e.g. Saudi Arabia's currency is "pegged" to the US dollar). The currency's become stronger or weaker in parrallel
Floating exchange rate When a nation's currency is valued according to global supply and demand for that currency
Created by: sfoston
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