Geography 7 Lesson 1.7 Trade and Development

Front

the exchange of goods and services

Back

Trade

Front

What a country is good at producing, or its ability to produce a product more efficiently than other producers.

Back

Comparative advantage

Front

All of the buying and selling that takes place within a country

Back

Domestic trade

Front

Trade with foreign producers and consumers, trade between different countries

Back

International trade

Front

Goods and services brought into a country

Back

Imports

Front

Goods and services produced in one country and sold in another

Back

Exports

Front

a government policy or restriction that limits international trade

Back

Trade barrier

Front

a tax on imports or exports

Back

tariff

Front

A set limit on the amount of a specific good that can be imported into a country.

Back

Embargo

Front

a ban on trade with a particular country for political or economic reasons

Back

embargo