Flashcards on International Trade

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What is international trade?

International trade refers to the exchange of goods and services between countries.

What are the benefits of international trade?

Benefits of international trade include increased economic growth, access to a greater variety of goods and services, and the opportunity for countries to specialize in producing what they have a comparative advantage in.

What is comparative advantage?

Comparative advantage refers to a country's ability to produce a good or service at a lower opportunity cost compared to another country.

What are the main barriers to international trade?

The main barriers to international trade include tariffs, quotas, trade restrictions, and cultural differences.

What is a trade deficit?

A trade deficit occurs when a country imports more goods and services than it exports.

What is a trade surplus?

A trade surplus occurs when a country exports more goods and services than it imports.

What is the World Trade Organization (WTO)?

The World Trade Organization is an international organization that deals with the global rules of trade between nations. Its main goal is to ensure that trade flows as smoothly, predictably, and freely as possible.

What are the types of trade barriers?

The types of trade barriers include tariffs, quotas, embargoes, subsidies, and administrative barriers.

What is a free trade agreement?

A free trade agreement is a pact between two or more countries to eliminate or reduce barriers to trade, such as tariffs and quotas, in order to promote the flow of goods and services between them.

What is protectionism?

Protectionism refers to the economic policy of restraining trade between countries through methods such as tariffs on imported goods, restrictive quotas, and other government regulations.

What is a trade bloc?

A trade bloc is a group of countries that join together in a formal agreement to facilitate trade among themselves and to reduce trade barriers with non-member countries.

What are the main factors influencing international trade?

The main factors influencing international trade include political factors, economic factors, technological factors, and sociocultural factors.

What is a balance of trade?

A balance of trade is the difference between the value of a country's exports and the value of its imports during a specific time period.

What is the role of the International Monetary Fund (IMF) in international trade?

The International Monetary Fund plays a role in international trade by providing financial assistance, advice, and resources to member countries to help promote global economic stability and sustainable growth.

What is the importance of trade agreements?

Trade agreements are important as they help in reducing trade barriers, promoting economic growth, encouraging investment, and creating a more predictable and stable trading environment.

What is international trade?

International trade refers to the exchange of goods and services between countries.

What are the benefits of international trade?

Benefits of international trade include increased economic growth, access to a greater variety of goods and services, and the opportunity for countries to specialize in producing what they have a comparative advantage in.

What is comparative advantage?

Comparative advantage refers to a country's ability to produce a good or service at a lower opportunity cost compared to another country.

What are the main barriers to international trade?

The main barriers to international trade include tariffs, quotas, trade restrictions, and cultural differences.

What is a trade deficit?

A trade deficit occurs when a country imports more goods and services than it exports.

What is a trade surplus?

A trade surplus occurs when a country exports more goods and services than it imports.

What is the World Trade Organization (WTO)?

The World Trade Organization is an international organization that deals with the global rules of trade between nations. Its main goal is to ensure that trade flows as smoothly, predictably, and freely as possible.

What are the types of trade barriers?

The types of trade barriers include tariffs, quotas, embargoes, subsidies, and administrative barriers.

What is a free trade agreement?

A free trade agreement is a pact between two or more countries to eliminate or reduce barriers to trade, such as tariffs and quotas, in order to promote the flow of goods and services between them.

What is protectionism?

Protectionism refers to the economic policy of restraining trade between countries through methods such as tariffs on imported goods, restrictive quotas, and other government regulations.

What is a trade bloc?

A trade bloc is a group of countries that join together in a formal agreement to facilitate trade among themselves and to reduce trade barriers with non-member countries.

What are the main factors influencing international trade?

The main factors influencing international trade include political factors, economic factors, technological factors, and sociocultural factors.

What is a balance of trade?

A balance of trade is the difference between the value of a country's exports and the value of its imports during a specific time period.

What is the role of the International Monetary Fund (IMF) in international trade?

The International Monetary Fund plays a role in international trade by providing financial assistance, advice, and resources to member countries to help promote global economic stability and sustainable growth.

What is the importance of trade agreements?

Trade agreements are important as they help in reducing trade barriers, promoting economic growth, encouraging investment, and creating a more predictable and stable trading environment.

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