Understanding Global Trade Concepts

Front

Which term refers to goods sent to another country for sale?

Back

Export

Front

Which term describes a tax imposed on imported goods and services?

Back

Tariff

Front

Which term describes the amount by which the value of a country's exports exceeds the cost of its imports?

Back

Trade Surplus

Front

Which term describes the desire and ability of consumers to purchase goods and services at given prices?

Back

Demand

Front

What is the term for goods brought into a country from abroad for sale?

Back

Import

Front

What is the term for a situation in which resources are limited and cannot meet all human wants?

Back

Scarcity

Front

Which term refers to the process by which businesses or other organizations develop international influence or start operating on an international scale?

Back

Globalization

Front

Explain how safety and environmental standards can affect international trade.

Back

They can increase the cost of production and limit the types of goods that can be traded.

Front

What does equilibrium mean in the context of supply and demand?

Back

It is when supply equals demand.

Front

What is a government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period?

Back

Quota