Terms (The Basics of Tariffs and Trade Barriers)

Front

Policies that restrict international trade to help domestic industries.

Back

Protectionist measures

Front

A tax imposed on imported goods.

Back

Tariff

Front

A company that produces goods within its own country.

Back

Domestic manufacturer

Front

A tariff based on the value of the imported goods.

Back

Ad valorem tariff

Front

Newly established industries that may require protection from foreign competition.

Back

Infant industries

Front

Countries with high levels of income and industrialization.

Back

Advanced economies

Front

The act of imposing taxes on imported goods.

Back

Levying of tariffs

Front

The ability of a country to produce a good at a lower opportunity cost than another country.

Back

Comparative advantage

Front

The ability of a country to produce more of a good with the same resources than another country.

Back

Absolute advantage

Front

Actions taken in response to trade barriers imposed by another country.

Back

Retaliation