Unit 27 - International Trade Flashcards
imports and exports of goods and services without any government restrictions
free trade
restricting imports by way of trade barreirs such as tariffs and quotas
protectionism
government policies or regulations that restrict international trade
trade barrier
a tax charged on imports
tariff
a maximum quantity of goods of a specific kind that can be imported into a country
quota
a country’s ability to produce goods at a lower cost than any other country
absolute advantage
a country’s ability to produce particular goods more efficiently than some other countries
comparative advantage
industry that is in an early stage of development and which cannot survive competition from foreign countries
infant industry
industry that is particularly important to a country’s economy
strategic industry
a useful or valuable possession or quality of a country, organization or person
resources
selling unwanted goods very cheaply, usually in other countries
dumping
the legal right to control the production and selling of a book, play, film, photograph, piece of music
copyright
a cheaper copy of a product that is not marked with the producer’s name
generic
to pay part of the costs of something
to subsidize
a name, or a symbol, showing that a product is made by a particular producer and which cannot be legally usedby anyone else
trademark
