Trade Barriers Jan. 2019

A tariff is

• a specific number of imports allowed.

• a cash grant or loan from the government to support the business.

• an official ban on trade.

• a tax on imports.

A subsidy is

• a cash grant or loan from the government to support the business.

• a law that promotes safety.

• a tax on imports.

• a specific number of imports allowed.

An embargo is

• a tax on imports.

• a cash grant or loan from the government to support the business.

• an official ban on trade.

• a specific number of imports allowed.

A quota is

• an official ban on trade.

• a limit on or a specific number of imports allowed.

• a law that promotes safety.

• a tax on imports.

A standard is

• a cash grant or loan from the government to support the business.

• a tax on imports.

• an official ban on trade.

• a requirement that promotes safety on all products.

Specialization is

• dependence on others to get products you do not produce and needing to purchase items from them.

• items purchased from other countries.

• items sold to other countries.

• producing specific goods and less goods faster, cheaper and better than others can.

Interdependence means

• items purchased from other countries.

• a country must trade their specialty with another country to import that country's specialty. Trading is required to get al of the items we need.

• producing certain goods very well and for a reduced cost.

• items sold to other countries.

An import is

• producing certain goods very well and for a reduced cost.

• items sold to other countries.

• dependence on others to get products you do not produce and needing to purchase items from them.

• items purchased from other countries. Goods come into the USA.

An export is

• items purchased from other countries.

• dependence on others to get products you do not produce and needing to purchase items from them.

• items sold to other countries. Goods exit the USA.

• producing certain goods very well and for a reduced cost.