Econ Unit 5 Vocab Flashcard: International Trade

Front

What is the term for goods and services brought into a country from another country?

Back

Imports

Front

Which organization oversees and facilitates global trade agreements and resolves trade disputes?

Back

World Trade Organization (WTO)

Front

What is the term for a tax imposed on imported goods and services to protect domestic industries?

Back

Tariffs

Front

What is the practice of obtaining goods or services from an external or foreign supplier to reduce costs called?

Back

Outsourcing

Front

Which term describes the unrestricted flow of goods and services between countries?

Back

Free Trade

Front

What is the term for a company that operates in multiple countries?

Back

Multinational Corporation (MNC)

Front

What is the term for policies or restrictions that make it difficult or expensive to trade?

Back

Trade Barriers

Front

What is the term for a situation where a country imports more than it exports?

Back

Trade Deficit

Front

What is the term for an official ban on trade with a specific country, often for political reasons?

Back

Trade Embargo

Front

What is the term for a pact between two or more countries to reduce or eliminate trade barriers?

Back

Free Trade Agreement (FTA)