CIE economics unit:Globalization and Trade
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| Embargo | When one country refuses to trade with another country; an official ban on trade or other commercial activity with a particular country
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| Quota | A limit on the amount of goods that may be brought imported a country; usually to encourage production within that country
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| Tarrif | A tax placed on an imported good
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| Export | Goods going out of a country
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| Specialization | When a country produces a particular good or service
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| Import | goods coming into a country
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| Import quota | A limit on the amount of a good that can be imported.
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| Protectionism | The use of trade barriers to protect domestic industries from foreign competition.
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| Exchange rate | The value of a nation's currency in relation to your another nation's currency.
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| Trade surplus | the result of a nation exporting more than it imports.
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| 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
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| Free trade | Trade without any restrictions (no trade barriers)
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| Protectionism | the theory or practice of shielding a country's domestic industries from foreign competition by taxing imports or limiting international trade
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| 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)
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| 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)
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| 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
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| Trade surplus | when a country exports more than it imports
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| Trade deficit | when a country imports more than it exports
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| 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
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| 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
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| Protective tariff | a tax on imported goods designed to "level the playing field" and ensure domestic manufacturers have a chance of competing
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| 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)
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| 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)
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| 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
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| Floating exchange rate | When a nation's currency is valued according to global supply and demand for that currency
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