globalisation key terms

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Trade Bloc
group of countries that trade together with limited regulation
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trade agreements
agreements formed by countries by joining together to form trade blocks
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free trade
trade between countries without barriers
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custom union
trade between themselves but not between other external countries
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Full Integration
single economic market, a common trade policy, single currency
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common market
countries in an area, that promotes free trade and movement of labour
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remittances
personal transactions from a migrant to their family
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tariff
a tax on imports
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import license
a license given to a country allowing goods to be imported
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import quotas
a physical limit on the quantity being imported
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subsides
grant or allowances awarded to domestic producers
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export subsides
support domestic producers to sell their goods abroad
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voluntary export restraints
strategy offered to the importing country to deter trade barriers from being set
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embargoes
partial or complete prohibition of commerce and trade to a particular country
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trade restrictions
based on technical or regulatory obstacles e.g. quality standards
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merchandise trading
trade only including goods, not services, nor capital and foreign investments
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Other cards in this set

Card 2

Front

agreements formed by countries by joining together to form trade blocks

Back

trade agreements

Card 3

Front

trade between countries without barriers

Back

Preview of the back of card 3

Card 4

Front

trade between themselves but not between other external countries

Back

Preview of the back of card 4

Card 5

Front

single economic market, a common trade policy, single currency

Back

Preview of the back of card 5
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