Trade and Economic Terms

Front

Tariff

Back

A tax on imported products

Front

Globalisation

Back

The process by which the world is becoming increasingly interconnected through trade and other links

Front

Quota

Back

A limit placed on imports or exports

Front

Embargo

Back

A ban on imports or exports

Front

Exchange control

Back

A limit on the amount of foreign currency that can be obtained

Front

Quality standards

Back

A country may require imports to reach artificially high standards.

Front

Expensive paper works

Back

Requiring foreign firms who wish to sell to the country to fill out a considerable amount of time-consuming paperwork that persuades them to switch over to other markets

Front

Voluntary export restraint (VER)

Back

A self-imposed limit on the quantity of a good that an exporting country is allowed to export.

Front

Dumping

Back

Selling products in a foreign market at a price below the costs of production.