Global Trade Flashcard

Front

What is the process of the world's economies becoming more interconnected?

Back

Globalization

Front

What is the dollar value of the final goods and services produced in a country's borders in a given year?

Back

Gross Domestic Product (GDP)

Front

When a country has significant differences in exports vs imports, it is called?

Back

Trade Deficit

Front

What is the policy that promotes the elimination of trade barriers, such as tariffs and quotas?

Back

Free Trade

Front

What is a tax on imports that one country imposes on another?

Back

Tariff

Front

When two countries impose tariffs on each other's goods, usually to force some action, it is called?

Back

Trade War

Front

What is a refusal to trade with another country?

Back

Embargo

Front

When a business transfers work overseas, usually from a developed country to developing countries, it is called?

Back

Outsourcing

Front

What is a limit on the amount of goods that one country can import from another?

Back

Quota

Front

When one country can outproduce another in a direct competition, it is called?

Back

Absolute advantage