Trading Blocs -Group of countries that come together to promote free trade among themselves
Free Trade Area - A group of countries promoting free trade among themselves, each country free to impose many restriction on non-members.
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Customs Union - A group of countries promoting free trade among themselves .Impose common external tarriffs and quotas on non-members.
Common Market - A group of countries promoting free trade among themselves .Impose common external tarriffs and quotas on non-members. Free movement of resources like labour. Common macro-economis laws, e.g on taxation.
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Economic and Monetary Union - A group of countries promoting free trade among themselves, Impose common external tarriffs and quotas on nonmembers. Free movement of resources; labour. Common macroeconomic laws. Fixed exchange rate, common currency.
Tariffs - Tax on imports
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Quotas- physical limit on how much of a good can be imported at a given time
Regulation/ administrative barriers- unique health and safety requirements that must be met by imported goods
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Exchange controls- limits on amounts of foreign currency that an individual is allowed to have
Import licensing - importers need a license that allows them to import goods, licenses made more expensive or quantity reduced.
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Embargoes - complete bans
Subsidy - Grant given by governments to firms to reduce costs of production.
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Export subsidies - financial grant by government to firms to firms that sell to other countries, thus dumping.
Procurement policies- measures by the government favouring domestic suppliers over foreign ones.
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WTO - World Trade Organisation - Multilateral trade organisation that focuses on goods, services and intellectual property.
Functions of WTO- promoting free trade, setting ground rules for trade, settling trade disputes, helping developing countries
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Other cards in this set
Card 2
Front
Common Market - A group of countries promoting free trade among themselves .Impose common external tarriffs and quotas on non-members. Free movement of resources like labour. Common macro-economis laws, e.g on taxation.
Back
Customs Union - A group of countries promoting free trade among themselves .Impose common external tarriffs and quotas on non-members.
Card 3
Front
Tariffs - Tax on imports
Back
Card 4
Front
Regulation/ administrative barriers- unique health and safety requirements that must be met by imported goods
Back
Card 5
Front
Import licensing - importers need a license that allows them to import goods, licenses made more expensive or quantity reduced.
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