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Administrative barriers

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Obstacles that governments impose to restrict international trade.

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Appreciation

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An increase in the value of a currency in relation to others.

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Common market

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A group of countries that have eliminated tariffs and allow free movement of goods and services and factors of production

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Customs union

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A type of trade bloc which is composed of a free trade area with a common external tariff.

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Depreciation

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A decrease in the value of a currency in relation to others.

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Dumping

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Selling goods in a foreign market at a price lower than their costs of production

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Free trade area

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A region where a group of countries have agreed to reduce or eliminate trade barriers.

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Human Development Index (HDI)

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A composite statistic of life expectancy, education, and per capita income indicators.

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Infant industries

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Newly established industries that may require protection from international competition.

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Monetary union

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A group of countries that share a common currency.