International Trade

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definition of international trade
The exchange of goods and services along international boarders. it allows for greater competitors and competitve pricing in the market
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advantages of international trade
no barriers to trade, access to new markets, specialisation, economies of scale, lower prices, innovation new tech
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disadvantages of international trade
domestic suppliers lose market share, domestic unemployment, loss of industries and skills,leakeges and negative multiplier effect
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definition of protectionism
the act of imposing trade barriers to protect the income of domestic producers
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definition of free trade
no barriers to trade
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definition of embargo
this is a total ban on trade
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definition of tarriffs
a tarriff is a tax on imports
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definition of quatos
a physical limit set upon the amount of goods which may be imported
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definition of subsidies
these are negative indirect taxes
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reasons why government use trade barriers
to protect jobs, to protect infant industries, to ban certain goods,to avoid overdependence, to protect against dumping
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Other cards in this set

Card 2

Front

advantages of international trade

Back

no barriers to trade, access to new markets, specialisation, economies of scale, lower prices, innovation new tech

Card 3

Front

disadvantages of international trade

Back

Preview of the front of card 3

Card 4

Front

definition of protectionism

Back

Preview of the front of card 4

Card 5

Front

definition of free trade

Back

Preview of the front of card 5
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